Oil Surges, Best January on Record

Oil Surges, Best January on Record
AP Photo/Ariana Cubillos

U.S. crude oil surged this month to post its best January performance on record, breaking a three-month losing streak that saw futures lose nearly half of their value.

Crude futures have powered through a steady flow of weak economic data from China, the world's second biggest oil consumer, amid an ongoing trade dispute with Washington. The energy complex has been boosted by OPEC-led production cuts aimed at draining oversupply and U.S. sanctions on Venezuela, which threaten to disrupt global trade flows and bolster prices.

U.S. West Texas Intermediate crude prices ended Thursday's session down 44 cents at $53.79 a barrel, after hitting a two-month high at $55.37. WTI posted an 18.5 percent monthly gain, its biggest jump since April 2016 and its best January since the futures began trading in 1983.

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