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At 10:05 a.m., the Brent crude oil price ticked up 4.4% to $45.02 a barrel. The international benchmark has traded below $45 during the last three sessions. Since Friday, Brent crude oil prices have rallied 2.6%.
The WTI crude oil price jumped even higher this morning. The U.S. benchmark gained 4.6% to trade at $40.38 a barrel. Futures have rebounded 6.1% from Monday's six-year low.
Today's rise in the Brent crude oil price comes as major U.S. and Chinese indices continue yesterday's historic rebound.
The Dow Jones Industrial Average opened up 1.5% higher today after skyrocketing 619 points yesterday. That was the largest single-session jump since November 2011. The S&P 500 is up 1% so far today, with the energy sector leading the index with a 4.6% gain. In China, the Shanghai Composite Index closed up 5.4% today to break a weeklong streak of losses.
The Bloomberg Commodity Index, which tracks the futures contracts of 22 raw materials, sunk to its lowest level since Aug. 26, 1999.
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