Oil up 4 percent in technical rally after two-month lows

By Barani Krishnan NEW YORK (Reuters) - Oil prices surged as much as 4 percent on Tuesday in a technical correction and on short covering after a two-month lows hit in the previous session, traders said. Brent crude futures were up $1.95, or 4.2 percent, at $48.20 per barrel by 12:09 p.m. EDT (1709 London time). U.S. crude's West Texas Intermediate futures rose $1.77, or 4 percent, to $46.53.