Oil Prices Jump 30% in 11 Days
It would seem that the oil crash is over as the price of a barrel of oil climbed from $26.05 to $34, a 30% increase in just 11 days.
As CNN Money reports:
“Of course, oil remains in a huge hole. Despite the recent rally, oil prices are down by nearly half from a year ago when they were sitting at $62 a barrel.
“And it’s hard to be too enthusiastic about oil’s prospects given the enormous supply glut in the U.S. Crude oil inventories increased by another 3.5 million barrels last week to nearly 508 million barrels, according to the Energy Information Administration.”