Oil Finishes at Highest Level in About Nine Months

Oil prices continued to rally on Tuesday, achieving big gains to finish near its highest level since early March.

Brent crude futures for January delivery surged by $1.80, or 3.9%, to close at $47.86 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery soared by $1.85, or 4.3%, to finish at $44.91 per barrel.

This is the highest closing level for the most active contracts of both the global and US benchmarks since March 5.