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Global oil markets jumped more than 5% yesterday, with Brent hitting a 2016 peak above $40 a barrel, after Ecuador said it was holding a meeting of Latin American crude producers as Opec sought a higher anchor price for oil.
Technically-driven buying in crude and a commodities rally also boosted oil. Industry data showing a smaller-than-expected build in stockpiles at the Cushing, Oklahoma delivery hub for US crude futures was another supportive factor.
Brent, the global crude benchmark, settled up $2.12 at $40.84. Its session peak was $41.04, the highest since Dec 9. That was 51% above the 12-year low of $27.10 on Jan 20.
US crude finished up $1.98 at $37.90 a barrel, near a 2-month high. On Feb 11, it hit a 2003 low of $26.05.
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