Oil

U.S. oil prices broke a four-session losing streak Tuesday after posting big swings earlier in the session, as traders wagered on shrinking supplies and jockeyed to detect a bottom in a market that has plunged nearly 50% since June.

Despite a rate increase to 17%, the Russian currency hit record lows amid a perfect storm of low oil prices, looming recession, and Western Ukraine sanctions.

Oil prices fell to their lowest in five years on Monday, hit by slowing factory activity in China and Europe and hammering emerging market stocks and commodity-linked currencies.

Oil prices jumped on Wednesday, with Brent rebounding from a four-year-low, as traders reacted to rumors of a pipeline blast in Saudi Arabia and bullish news on U.S. crude inventories.

An abundance of supply combined with some end-of-the-quarter trading patterns caused U.S. oil prices to fall more than 3% on Tuesday.