Oil rallied in its biggest two-day advance since August after a slump to a 12-year low prompted some investors to buy back record bearish bets. Brent for March settlement climbed as much as $2.11, or 7.2%, to $31.36 a barrel on the London-based ICE Futures Europe exchange. Prices are up 12% since Wednesday, Bloomberg reported.
West Texas Intermediate for March delivery gained as much as $1.79, or 6.1%, to $31.32 a barrel on the New York Mercantile Exchange and was at $31.21 at 2:14 p.m. in London.
The March contract has advanced 10% in two days, and the generic front-month futures has surged 18% since the February contract expired on Wednesday, the most since August. Front-month futures have jumped more than 17 after sliding to the lowest since 2003 on Wednesday.
