Volatility remained the watchword in the oil market Thursday, with crude futures in retreat a day after the biggest one-day rally in more than two years.
West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 56 cents, or 1.2%, to $45.68 a barrel, while the global benchmark, February Brent crude declined 89 cents, or 1.6%, to $53.58 a barrel on ICE Europe.
Oil futures and the stock market have echoed each other over recent sessions, rising or falling sharply amid often violent intraday price swings. Crude plunged to a 17-month low on Monday as U.S. stock indexes suffered their worst-ever Christmas Eve performance. Oil rebounded sharply on Wednesday, rallying 8% to post the biggest one-day rise in more than two years as equities soared. Stock-index futures pointed to a lower start for Wall Street on Thursday, however.
Source : Marketwatch