West TX Oil Back Near $51 on Libya Violence

Oil prices jumped about 4 percent on Thursday as falling output and rising violence in Libya, along with central bank easing in China, helped crude rebound from one of its sharpest daily routs ever in the previous session.

Traders and analysts said they expect higher-than-usual volatility in coming days as the market tries to find a bottom after a seven-month selloff that took prices to near six-year lows.

But many were pessimistic about the market making a sustained rally, with record-high U.S. crude inventories rekindling renewed worries about a supply glut.

CNBC

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