Oil reverses losses, posts largest one-day gain on record

NEW YORK: U.S. crude oil prices spiked by 25% on Thursday, the largest single-day gain on record, recouping some losses from three days of selling that drove the benchmark to near 20-year lows.

Analysts saw the rebound as a brief reprieve, anticipating additional weakness as the coronavirus outbreak takes its toll on global demand. U.S. crude and global benchmark Brent have both lost half their value in less than two weeks, most of that since March 6, the day talks between OPEC and allies including Russia broke down.