Friday was the 14th-biggest one-day rally for crude oil ever.
On Friday, West Texas Intermediate crude oil prices spiked, rising 12.3% to settle at $29.44 in the 14th-largest one-day rally ever, according to data from Strategas.
Notably, in what has been a haywire year-and-a-half for oil prices, the 16th-largest one-day gain came just a few weeks ago on January 22nd’s 11% spike.
The biggest one-day gain ever was a 17.8% WTI rally in December 2008.
This rally followed reports Thursday that OPEC was willing to cooperate on a production cut.
Early Tuesday, news crossed that Saudi Arabia, Russia, Qatar, and Venezuela agreed to freeze oil production at the level of supply produced in January.
And so while this isn’t a cut, clearly progress is being made on balancing the clearly imbalanced oil market.
Business Insider Emails & Alerts
Site highlights each day to your inbox.