Oil prices closed higher in New York, a day after recording its lowest price since 2009.
A barrel of “light sweet crude” (WTI) for March delivery rose $ 1.08 to 46.23. While, in London, a barrel of Brent North Sea for the same delivery further increased $ 1.44 to $ 49.60.
“It seems the market found its floor (for the barrel value) in the vicinity of $ 45. It is therefore not surprising assist this rebound after the price drop” recorded on Monday this week, said Kyle Cooper, from IAF Advisors.