Oil climbs 6% from the lows
Oil started out the year to the downside on reports about slower Chinese manufacturing and lower Chinese import quotas but it's quickly reversed and is now trading up $1.30 to $46.70.
That's a one-week high for WTI but so far it's running into resistance at the Dec 26 high of $47.00. The peak today is $46.98.
The reversal in crude coincides with an improvement in risk sentiment across the board. US stocks have pared their losses and European shares are roughly flat.
Update: The rip is back on as oil rallies to $47.75.
