The price of oil surged, despite a large increase in U.S. oil stockpiles, on a weaker dollar and traders’ expectations that oil had fallen too far recently.
Benchmark U.S. crude rose $2.59 to close at $48.48 a barrel in New York, it’s highest one-day rise since June 2012.
Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.10 to close at $48.69 in London.