Oil Prices End Up After Sagging to $57

Oil prices sagged nearly all day Tuesday, then zipped higher toward the end of the trading session. The late-day buying spree was a technical rally, brokers said, as traders who had expected prices to fall even further rushed in to cover losing bets.

After falling as low as $57.05 a barrel, light sweet crude for December delivery on the New York Mercantile Exchange settled 37 cents higher at $58.73 a barrel. In London, Brent crude rose 35 cents to settle at $59.03 a barrel on the ICE Futures exchange.
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