US and Brent Crude Futures Rally

U.S. and Brent crude futures rallied sharply on Wednesday, with U.S. crude up more than $3 a barrel, a day ahead of the Brent February contract's expiration and on the day that options for the U.S. contract expire, brokers and traders said.

 

Other analysts pointed to the dollar's weakness against a basket of currencies.

 

Brent February crude was up $2 at $48.59 a barrel at 2:36 p.m. EST (1936 GMT), having reached $49.21 per barrel. U.S. February crude was up $2.33 at $48.22 a barrel, after settling at $48.48 and having reached $48.91.