With doubt cast aside, oil futures surged on Thursday to recoup almost half of Wednesday’s losses, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, August West Texas Intermediate crude jumped 93 cents, or 2.1%, to end trading at $45.68 a barrel.
On London’s ICE Futures Exchange, September Brent crude gained $1.11, or 2.4%, to settle at $47.37 a barrel.
Earlier this week, crude oil futures collapsed as traders grew weary of governmental data reflecting a sharp rise in production and an overabundance in crude inventories.
“It is mid-July, but the global oil markets are starting to look ahead to September, when seasonal weakness will begin in crude demand, due to planned refinery maintenance, and product demand, due to the end of peak driving season,” said Michael Wittners, an energy analyst at Société Générale.
On Thursday, RBC Capital Markets raised its Brent crude forecast from $43 to $47 in 2016, and from $60 to $62 for 2017.
RBC Capital Markets also raised its 2016 WTI forecast to $45 and $59 for 2017.
For 2018, RBC predicts Brent crude at $68 and WTI at $65.
On the New York Mercantile Exchange, August natural gas dropped a penny, or 0.4%, to end trading at $2.727 per million British thermal units.