Wednesday, February 4, 2015

Oil Is on a Gigantic Tear - Bloomberg Business

One of the big stories in the market right now: Oil is on a tear.

After plunging for months, the price of oil has boomed over 20 percent in just the last three trading days. Last Friday it was just over $44 per barrel. Today it's selling at nearly $54 per barrel.

There are various theories for why oil is moving so hard: Short covering is one possibility, meaning bearish traders have been caught in a squeeze by the turnaround. There's also hope that supply will rapidly come offline, bringing the market into balance. Last Friday saw a big drop in the number of active U.S. oil rigs.

Regardless of what's driving it, this is a major turnaround.

Complete story at - Oil Is on a Gigantic Tear - Bloomberg Business

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Recommended Reading via Amazon

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4. Gladio - NATO's Dagger at the Heart of Europe - Richard Cottrell
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