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Commodities Briefing - Categorized | Oil, Price Watch more

Oil soars over 10 percent, biggest gain in six years as shorts scramble

Posted on 28 August 2015

Oil rocketed more than 10 percent higher on Thursday, posting its biggest one-day rally in over six years as recovering equity markets and news of diminished crude supplies set off a short-covering scramble by bearish traders.
Snapping back from a deep two-month slump that knocked U.S. crude to 6-1/2 year lows below $40 this week, oil climbed as world stock markets rose on hopes Chinese government measures to stimulate the economy would pay off, while the dollar strengthened as risk aversion eased………………………………………..Full Article: Source


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