Oil jumps 4 percent, but demand concerns still weigh | Reuters

Oil jumps 4 percent, but demand concerns still weigh | Reuters:

Oil prices rose 4 percent in choppy trading on Wednesday, but concerns remained about rising crude production and weakening global economic growth which could hurt demand for oil.

Brent crude LCOc1 futures rose $2.38 to $56.18 a barrel, a 4.4 percent gain, by 11:27 a.m. EST (1627 GMT) after earlier falling as low as $52.51. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.09 to $47.50 a barrel, a 4.6 percent gain, after sinking to $44.35.

“Given the high levels of price volatility we’ve witnessed over the last month, a $2 daily move isn’t really anything other than signs we continue to have price volatility,” said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut.