Crude oil futures rose nearly 3% on Wednesday as investors re-fueled after a sharp sell-off in the previous session, turning their attention again to supply concerns despite heightened recession fears.
Brent crude futures LCOc1 were up $2.82, or 2.7%, at $105.59 a barrel by 1222 GMT, after plunging 9.5% on Tuesday, their biggest one-day drop since March.
U.S. West Texas Intermediate crude CLc1 rose $2.46, or 2.4%, to $101.95 a barrel, closing below $100 for the first time since late April.
“Today was a reset. There’s no doubt that there is short covering and dips are coming in,” said John Kilduff, partner at Again Capital LLC.
