home Oil Prices Oil skyrockets 23% in 48 hours, tops $32 – Jan. 22, 2016

Oil skyrockets 23% in 48 hours, tops $32 – Jan. 22, 2016

It’s been an absolutely insane few days for crude oil, the most closely-watched commodity on the planet.

Oil prices spiked 9% — the biggest daily jump since August — to close at $32.19 a barrel on Friday. It represents a dramatic rebound from Wednesday.

Crude crashed to $26.19 a barrel Wednesday, the lowest level since April 2003. Since then, oil has surged a remarkable 23%.

There didn’t appear to be an obvious trigger for the rebound. Traders pointed to extremely oversold conditions that simply couldn’t last.

Article Author:
Article Source:

Leave a Reply

0 views