Crude oil prices were down to begin Thursday after they jumped more than 7 percent in the previous session with major indexes in the U.S. stock market posting historic gains.
International benchmark Brent crude soared 9.3 percent on Wednesday to close at $55.19 per barrel, but lost some of those gains Thursday to trade at $54.55 a barrel at 0625 GMT with a daily loss of 1.1 percent.
American benchmark West Texas Intermediate climbed 7.9 percent to end Wednesday at $46.59 a barrel, however it declined to $45.95 on Thursday, a daily loss of 1.4 percent.
The three major indexes in the U.S. stock market posted historic gains on Wednesday to increase around 5 percent rebounding from losses in previous days.
The Dow Jones soared 5 percent on Wednesday, or 1,086 points, to mark its biggest one-day point gain in history. While the S&P 500 also gained 5 percent, 116 points; the Nasdaq increased 5.8 percent, 361 points.
All three indexes recorded their best percentage gains since March 2009, regaining some of their losses since Dec. 19.
The S&P 500 VIX index, also known as the fear index, declined 15.7 percent on Wednesday to take off some of the volatility in the market.
Investor confidence has been partially restored with strong holiday sales figures in the U.S. and reports from the White House about key officials.
Retail sales from Nov. 1 through Christmas Eve were up 5.1 percent from the year before to reach $850 billion this year, making this the best holiday shopping season in the U.S. in six years, according to Mastercard SpendingPulse.
U.S. President Donald Trump’s economic advisor Kevin Hassett said Wednesday that the Federal Reserve Chairman Jerome Powell’s and Treasury Secretary Steven Mnuchin’s jobs are not under threat.
While Mnuchin has been working to secure a new trade deal with China, Powell has faced criticism from Trump for the Fed's rate hikes and high interest rates.
By Ovunc Kutlu