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Giovanny Moreano
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CNBC EXPLAINS

Biggest One Day Gains in Oil

Published: Thursday, 31 Jul 2008 | 9:00 AM ET

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By: Giovanny Moreano
Quantitative Analyst

Crude Oil prices [@CL.1 Loading... () ] rose $4.58 per barrel on Wednesday to settle at $126.77 rebounding from a 12-week intraday low of $120.42 hit Tuesday. The move came as a report by the Energy Information Administration showed an unexpected decline in gasoline and crude oil inventories. Geopolitical tensions between Iran and the West over nuclear proliferation, along with supply disruptions in Nigeria and other major OPEC nations have added to the large moves in crude oil prices.

Concerns over demand for gasoline in the United States have influenced the 16.17% drop in crude oil from a record high of $147.27 reached on July 11. Crude oil prices have increased by about 37% year-to-date. Nine of the ten largest moves in dollar terms have been in 2008, with June 6, 2008, depicting an increase of $10.75, according to Thompson Reuters Data.