WTI snap back from monthly lows

Market news

17 November 2016

WTI snap back from monthly lows

Crude oil futures were higher Thursday morning, extending this week's rally despite a stronger U.S. dollar.

Oil rebounded amid renewed confidence that OPEC will heed warnings of a devastating global supply glut and agree to production cuts at an upcoming meeting, rttnews says.

WTI light sweet crude oil for December was up having snapped back from a multi-month low near $42.

Oil surged up 5.75% on Tuesday.

Upside was capped by a stronger U.S. dollar amid a flurry of economic news this morning.

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