By Barani Krishnan Reuters
NEW YORK — Crude markets jumped about 3 percent on Monday, rebounding from five-year lows and heading for their biggest daily gain since at least June after fear that the high U.S. shale output blamed for the oil glut may be shrinking.
A weaker dollar, which makes commodities denominated in the greenback more affordable to holders of other currencies, also enticed buying in oil and other natural resource markets, traders said.
Benchmark Brent crude oil rose $1.90 to $72.05 a barrel, after earlier reaching $72.43. The 3 percent gain was Brent’s most since June. It had fallen as much $2.62 earlier to $67.53, a low since July 2009.
U.S. crude was up $2.34 at $68.49, after a five-year bottom hit at $63.72. For U.S. crude, it was the largest move since May 2013.Read more