March Crude Oil Stages Impressive Short Covering Rally
Benedetto DiCostanzo | Feb 14, 2016 05:39AM ET
March crude oil staged an impressive short covering rally today, trading to 29.66; a 3.45 increase from yesterday’s settlement price of 26.21. Traders latched onto yesterday’s latest OPEC production cut rumors and covered some short positions going into the long President’s Day weekend. The rumor mill was quiet today, as there weren’t any confirmations or denials to the United Arab Emirate statement about potential OPEC production cuts.
Crude made one attempt to test yesterday’s lows today, trading to 26.95 during the night trading session, before recovering into the morning and then jettisoning to the highs around noon central time. Crude settled at 29.44 and grinded slightly lower during the electronic session to end the week at 29.02.
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