Oil Gains From 5-Year Low; Saudi Comments Add Volatility
This article is for subscribers only.
Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.
West Texas Intermediate climbed 4.5 percent in New York, the biggest gain since August 2012. Both WTI and Brent rose more than 5 percent during the session. A measure of expected WTI futures movements and a gauge of options value was at the highest level since October 2011, data compiled by Bloomberg show.