Oil Surges on Wednesday, Settles Above $62 a Barrel

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rude oil futures rose almost $2 on Wednesday to settle above $62 a barrel on the New York Mercantile Exchange for the first time since last Monday, Bloomberg reported.

Crude futures surged $1.95 to close at $62.96, posting their biggest gain since March 23, Bloomberg said.

Shifting sentiment on the part of speculators, who bought back futures contracts they had earlier sold in anticipation of falling prices, helped drive oil back up on Wednesday, Bloomberg reported.

Speculators bought back their contracts after oil prices failed to push past the $60-a-barrel mark following a report from the Department of Energy that showed U.S. distillate supplies rose 6.3 million barrels to 213.9 million last week, Bloomberg said.

Continuing tension over Iran’s nuclear program and worries that the Organization of Petroleum Exporting Countries could scale back production also contributed to oil’s surge, Bloomberg reported.