Oil Prices Rebound After Hitting 12 Year Lows on China, Oversupply Worries

Oil prices are gaining ground Wednesday morning after hitting 12 year lows in the previous session. Oil prices are down 70 percent in the past year and a half on persistent oversupply fears. The Energy Information Administration will release official U.S. inventory figures later today. Meanwhile, Iran has released the sailors held overnight, according to Reuters and the Iranian state news agency. Wall Street will have the opportunity to react to President Obama's state of the union address in which he talked about promising amazing medical breakthroughs, but also economic disruptions that strain working families. Obama defended his economic policies, in response to criticism that the recovery has been too slow and that large threats remain. History shows the day after a State of the Union address, stocks typically fall. Ford (F) shareholders are getting a 40 percent bonus. Ford said 2016 profit will be at least as good as 2015's record results and will issue a special dividend of 25 cents a share. TheStreet's Jane King reports from the Nasdaq Marketsite in New York.