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Crude Oil Climbs From 12-Year Low as Investors Search for Bottom

  • U.S. crude, gasoline supplies rise as distillates fall: EIA
  • BP CEO Dudley says `flood of oil' causing `very sharp shocks'
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Oil's Steep Drop: Market Sentiment or Fundamentals?

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Oil rose from its lowest close in more than 12 years as investors tried to pick a bottom after government inventory data.

Futures rose 4.2 percent in New York. U.S. supplies climbed 3.98 million barrels last week, the Energy Information Administration said Thursday. Prices started to rebound after European Central Bank President Mario Draghi said that the bank might take more measures in March to bolster the economy.