Oil jumps as much as five percent from five-year low

Crude oil markets jumped as much as 5 percent on Monday, rebounding from five-year lows with their biggest daily gain since 2012, on fears that the high U.S. shale output blamed for the global oil glut may be shrinking.


Benchmark Brent crude oil settled up $2.39 at $72.54 a barrel, after a session peak at $72.73. It fell as much as $2.62 earlier to $67.53, a low since July 2009. The 3 percent gain on the day was Brent's largest since October 2012.

U.S. crude finished up $2.85 at $69 a barrel, after initially plumbing a five-year bottom at $63.72. The 4 percent rise was the largest one-day move up in U.S. crude since August 2012. U.S. crude continued to surge post-settlement, gaining almost 5 percent to $69.34 by 2015 GMT.

Brent and U.S. crude prices have fallen for five months in a row, the longest losing streak in oil since the 2008 financial crisis. Despite Monday's rebound, they are still down about 10 percent from the start of last week, before producer group OPEC decided on Thursday not to cut output despite oversupply worries.