Oil rose sharply Wednesday, but the forces that pushed oil sharply lower at the end of 2018 aren't going away. US crude prices rose 8.7% -- oil's best day since November, 2016 -- after crashing by nearly 7% on Monday. Still, oil has crashed more than 38% since hitting four-year highs of near $75 a barrel in October. Brent crude, the global benchmark, is now trading near its lowest level since August 2017. Oil is an important bellwether of future growth. The sharp decline reflects concerns that the global economy is weakening, as well as surging US crude output and falling stock prices. Not even production cuts by OPEC and its partner states have been able to reverse the trend. The dynamic could make for a wild 2019.
Source: CNN Money
