Oil futures rallied sharply on Tuesday afternoon, with Brent crude hitting a 2015 high of $63 a barrel as short-covering returned to the market, which was depressed earlier by worries about euro zone stability.
Brent crude’s front-month contract for April delivery was up $1.10 at $62.50 a barrel, rebounding from a session low of $60.27. The session peak was $63, the highest for this year.
U.S. crude futures for March closed up 75 cents, or 1.4 percent, at $53.53 a barrel, versus the intraday low of $50.81. Options expiry in March futures was slated for Tuesday, ahead of Friday’s contract expiry.