Oil prices rebound with biggest surge in 2½ years

NEW YORK: World oil prices had their biggest surge in 2½ years on Wednesday, rebounding from a nearly six-year low as traders turned away from the bearish pressures of a worldwide glut to cover themselves on expiring options.

US and Brent crude staged blistering US$2 rallies in the final half-hour of trade as dealers with options exposure scrambled to square their positions. Oil had earlier traded steady to lower following data showing that U.S. crude oil stockpiles rose far more than expected last week.