Oil jumps 4% in technical rebound from 2-month lows

13/07/2016 05:34 AST

Oil prices surged 4 percent on Tuesday, buoyed by investors covering short positions and an equities rally that lifted riskier assets globally, helping crude stage a technical rebound from two-month lows hit the previous session.

Brent crude futures were up $2.03, or 4.4 percent, at $48.28 per barrel by 1622 GMT. US crude's West Texas Intermediate futures rose $1.86, or 4.2 percent, to $46.62. Oil prices hit two-month lows on Monday, with Brent sliding under $46 while WTI fell to nearly $44.


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