Source: MarketWatch

Crude-oil futures made history Monday with the biggest daily dollar gain ever seen on the New York Mercantile Exchange, but the true test for oil is yet to come.

The future of global oil demand is more uncertain than ever given the U.S. rescue plan for the financial market, and no one’s sure about the impact and recovery pace of production and refinery activity in the Gulf of Mexico following the recent hurricanes, analysts said.

On Monday, a steep drop in the U.S. dollar, assumptions that the government rescue plan will help improve the economy and boost oil demand as well as short-covering related to the expiration of the October crude contract on Nymex all combined to pull oil prices to their highest intraday level in two months.

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