Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

March Crude Oil Stages Impressive Short Covering Rally

Published 02/14/2016, 05:39 AM
Updated 07/09/2023, 06:31 AM

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.

Crude Oil

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.