| Oil prices soared Monday, marking their strongest three-day rally since Iraq’s 1990 invasion of Kuwait, on doubts the global glut of crude would be as long-lasting as many investors and traders had earlier believed.
Precipitating the rally—crude rose 27% in three sessions—were several factors, including a downward revision of U.S. oil output and a report that sparked speculation the Organization of the Petroleum Exporting Countries may be considering cutting production. On Monday, the U.S. Energy Information Administration said U.S. oil production this year was lower than previously estimated...............................................Full Article: Source
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