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Oil Jumps as U.S. Equities Regain Ground, OPEC Output Declines

  • Brent, WTI surge more than 2% each as stocks erase early loss
  • Crude had been down on weak Chinese manufacturing data
Bloomberg business news
Oil Spikes as Saudi Arabian Exports Fall in December(Source: Bloomberg)
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Oil prices closed higher on the first trading day of 2019 as U.S. equities recovered from early losses and data showed OPEC getting an early start on a promised production cut.

Futures picked up where they had left off in a volatile 2018, with global benchmark Brent crude reversing course in the middle of the trading session to end Wednesday up 2.1 percent. West Texas Intermediate oil climbed as well, erasing earlier losses brought on by disappointing manufacturing data out of China. The S&P 500 Index held onto a slight gain, offering a hopeful sign for economic growth.