|Copyright 2015, The Associated Press|
U.S. oil rose $1.60, or 3.2 percent, to $51.17 a barrel, and has gained about 15 percent over three trading sessions. Brent crude, a benchmark for many international oils imported by U.S. refineries, rose $1.44, or 2.6 percent, to $56.18 a barrel.
The sudden rally follows a months-long decline that knocked oil prices down about 60 percent.
The gains began Friday with a report showing a sharp drop in the number of rigs in the U.S. drilling for oil. On Monday, BP announced a 20 percent drop in capital spending for this year. That follows Chevron's projected cut of 13 percent.