Oil Prices Rise

The Wall Street Journal reported that U.S. oil price jumped to its largest one-day gain in nearly two months, attributed to the sign that U.S. crude production could be nearing a peak.

As quoted in the market news

The rate of U.S. crude-oil output fell last week for the first time since January, based on preliminary data, the U.S. Energy Information Administration said Wednesday.

Oil for May delivery soared after the morning report, closing at $50.09 a barrel on the New York Mercantile Exchange. That was up $2.49, or 5.2%, on the day, the biggest percentage and dollar gain since Feb. 3. Brent, the global benchmark, rose $1.99, or 3.6%, to $57.10 a barrel on ICE Futures Europe.

Click here for the full The Wall Street Journal report