Brent Soars Amid Crude Supply Recovery

Oil prices surged on Wednesday after plummeting in the previous session due to a recovery in crude supply from the Middle East.

Brent crude futures rose $1.14, or 1.11%, to $103.73 a barrel, while US West Texas Intermediate (WTI) crude gained 34 cents, or 0.38%, to $89.72.

The Brent price increase puts it on track for a monthly gain of around 14%, its biggest climb since July. WTI, meanwhile, is headed for a 4% rise after breaching $106 for the first time since May.

The spread between the two benchmarks this month expanded to its widest in four months.