NEW YORK: Oil prices surged on Wednesday, erasing sharp losses on Christmas eve following equity markets' strong rebound from one-and-a-half year low.
Stocks posted their best day in nearly a decade on Wednesday, with the all three major indexes registering an increase of more than four per cent.
Crude oil has been caught up in global financial market volatility recently, especially as the U.S. equities plunged on possible economic slowdown and rapid interest rate hikes.
The West Texas Intermediate for February delivery rose 3.69 U.S dollars to settle at 46.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery increased 4 dollars to close at 54.47 dollars a barrel on the London ICE Futures Exchange.