Brent crude fell to a five-year low of $58.50 earlier this week, but the benchmark was up 4.99% to $62.23 at 3:52 p.m. WTI Crude was up 4.45% to $56.52.
Oil prices have plummeted nearly 50% since the summer amid a global oversupply. Oil producers are continuing to increase production despite the supply glut and weakening demand, and OPEC decided to maintain its production levels at a meeting last month.
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More than 8.1 million shares had changed hands as of 3:52 p.m., compared to the daily average volume of 13,081,100.