Today, oil prices jumped by more than 3%.
Both Brent crude oil futures and U.S. West Texas Intermediate (WTI) crude jumped by more than 3% in today’s morning trade.
By 12:20 GMT Brent was up $1.35, or 2.5%, at $55.31 a barrel and (WTI) was up $1.25, or 2.5%, at $50.86.