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Commodities Briefing - Categorized | Oil, Price Watch more

Oil Prices Rebound Above $30—Is a Rally Finally Here?

Posted on 26 January 2016

Oil prices plumbed new lows last week, dropping below $28 per barrel. But oil also closed out the week on a positive note, with huge gains on Thursday and Friday, rallying back above $30 per barrel. The price increase could be a sign that the markets think that oil has been far oversold, that trading this low has been “irrational,” as the head of Saudi Aramco put it last week.
Adding to the upsurge was growing speculation that central banks around the world will take additional action to provide some monetary stimulus amid worrying signs of faltering growth. EU central bank chief Mario Draghi provided the clearest indication yet that his institution may act as soon as March………………………………………..Full Article: Source


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