Oil spikes above $40 due to short-covering; bearish case remains intact
Joseph Lazzaro, DailyFinance Oil surged more than 7% Thursday and briefly traded above $40, after U.S. weekly oil inventories unexpectedly declined. But traders don’t view it as a market reversal. The oil bulls are certainly trying to make the case…
Joseph Lazzaro, DailyFinance
Oil surged more than 7% Thursday and briefly traded above $40, after U.S. weekly oil inventories unexpectedly declined. But traders don’t view it as a market reversal.
The oil bulls are certainly trying to make the case that oil has bottomed at $35. Officially, oil for March delivery closed Thursday at $39.48 per barrel up $4.86 on NYMEX.
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