Brent crude hit an intraday low of $58.71 a barrel on London's ICE Futures exchange, according to the Wall Street Journal. But Brent rallied to 0.83% to $60.51 at 3:36 p.m., according to CNBC.
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.
The American Petroleum Institute published data late Tuesday that indicated a surprise 1.9 million barrel rise in weekly U.S. oil stockpiles. The U.S. Energy Information Administration is scheduled to publish stockpile data on Wednesday.
More than 9.3 million shares had changed hands as of 3:37 p.m., compared to the average volume of 7,031,110.
Separately, TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."