Oil Market Update : Epic Research Singapore

Oil futures rallied on Wednesday, spiking 8% in West Texas Intermediate prices amid a decline in the dollar and news that Russia has again raised the prospect of a meeting with the Organization of the Petroleum Exporting Countries.

Earlier, oil had dipped in response to hefty climb in crude inventories—their fourth weekly increase in a row.

March WTI crude CLH6, +0.90% tacked on $2.40, or 8%, to settle at $32.28 a barrel on the New York Mercantile Exchange, recouping much of the more than 11% drop it suffered in the previous two sessions. Prices briefly took a turn lower to $29.78 after the supply data, then rebounded.

Brent crude LCOJ6, +0.77% rose $2.32, or 7.1%, to $35.04 a barrel on London’s ICE Futures exchange.

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