Crude oil futures rallied Thursday as traders bet the recent collapse in energy prices was overdone.
March oil settled at $29.53/bbl on Nymex, up $1.18, or 4.2%.
The February contract ended yesterday at 12-year lows near $28 a barrel.
With some calm restored to markets today, crude oil rose despite data showing another large build in US oil inventories.
U.S. commercial crude inventories increased by 4 million barrels last week, for a total U.S. stockpiles of 486.5 million barrels — the biggest glut in 80 years.
The material has been provided by InstaForex Company – www.instaforex.com