Crude oil futures mounted a strong comeback on Tuesday, snapping a three-session losing streak to finish at their highest level in two weeks, according to Bloomberg MarketWatch.
December West Texas Intermediate crude jumped $2.49, or 5.8%, to settle at $45.81 a barrel on the New York Mercantile Exchange after tallying losses of more than 4% over the past three sessions.
On London’s ICE Futures Exchange, January Brent crude, the global benchmark, climbed $2.52, or 5.7%, to end trading at $46.95 a barrel.
Both WTI and Brent crudes marked their highest settlements since November 1.
In contrast to other commodities, oil prices have been broadly retreating despite the past week’s election victory by Donald Trump. Analysts have said the president-elect’s plan to open up more federal land for oil drilling may contribute to an already saturated market.
In a report issued on Monday, the Energy Information Administration said oil production from seven major domestic shale plays is forecast to fall by 20,000 barrels a day to 4.498 million barrels a day in December from November.
Traders are also awaiting this week’s reports on U.S. petroleum supplies due out from the American Petroleum Institute late Tuesday and the EIA early Wednesday.
Meanwhile, December natural gas shed 4 cents, or 1.5%, to settle at $2.709 per million British thermal units on the New York Mercantile Exchange, one day after jumping 5% to settle at a one-week high.