Oil

Oil prices rallied on Thursday, with U.S. crude up more than 3% as indications of strong U.S. demand for gasoline overshadowed news of increased U.S. inventories of crude.

Brent crude futures were up about 3 percent on Tuesday afternoon as strength in stock markets helped the global oil benchmark recoup about half of its loss in the previous session.

Oil prices fell sharply on Tuesday after official data showed China's manufacturing sector contracted at its fastest pace in three years.

The EIA determined that domestic oil output was not as strong as the agency previously thought, sending prices soaring Monday.

Oil giant BP must fully disclose the details about its $18.7 billion out-of-court settlement with the Department of Justice over the BP Deepwater Horizon oil spill, which killed 11 workers and spilled millions of barrels of oil into the Gulf of Mexico that killed 14 workers in 2010.

With an Iranian nuclear deal looming on the horizon, oil prices will have one more reason to remain in a slump.

The energy sector has taken a beating over the last several months and now finds itself under increasing pressure with uncertainty in Greece.  

U.S. crude jumped as much as 7 percent as a rally in gasoline prices from refinery outages and concern about strife in Yemen prompted traders to scramble to cover short positions.

U.S. crude futures jumped more than 10 percent on Thursday as recovering equity markets and supply disruption news sparked a short-covering rally.

Oil prices fell more than 6 percent to fresh 6-1/2-year lows on Monday as markets worried about a China-led global economic slowdown that would drastically hit oil consumption at a time of plentiful supply.