Oil futures rallied on Thursday, as talk of a possible cut in production from the Organization of the Petroleum Exporting Countries and weakness in the U.S. dollar helped crude recoup nearly 3% of a decline that took the U.S. benchmark below $40 a barrel.On the New York Mercantile Exchange, January West Texas Intermediate crude CLF6, +0.44% tacked on $1.14, or 2.9%, to settle at $41.08 a barrel. January Brent crude LCOF6, +0.46% rose $1.35, or 3.2%, to $43.84 a barrel on London’s ICE Futures exchange.
A short squeeze in the euro EURUSD, -0.1828% after the European Central Bank delivered a smaller-than-expected expansion of its stimulus program may have also spurred some short covering in oil as the U.S. dollar DXY, +0.09% weakened. Read: Beware the crowded central bank trade.
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