U.S. West Texas Intermediate crude rose 23.4%, or $4.77, to trade at $25.12 per barrel. International benchmark Brent crude jumped 9.5%, or $2.37, to trade at $27.29 per barrel.
The sharp move higher follows significant losses on Wednesday, which saw WTI drop 24.4
KKM Financial’s Jeff Kilburg said Thursday’s jump was due to the “rubber band” effect. “Prices are elastic and this is the snap back of a historic oversold condition in WTI,” he said.