Oil rallies highest in two years

Crude oil prices posted their biggest gain on Wednesday since 2016, as the US stock markets rebounded sharply and as Russia signaled crude oil prices would become more stable in the first half of 2019.

Brent Crude futures rose 9 percent to close just below $55 while WTI crude futures surged 8.7 percent to close at $46.22 a barrel.

On Wednesday, Dow jumped more than 1,000 points, posting its biggest single-day point gain ever. The S&P 500 also catapulted 4.96 percent — its best day since March 2009.