Oil is rebounding!
After a once-in-a-lifetime, no good, rotten, historic, terrible crash in the energy market, things are back in the green. Bear market bounce or an authentic rally? Our hearts say it is a rally, while the fundamentals suggest it is a head fake.
On Wednesday, before the Energy Information Administration releases its weekly supply report, West Texas Intermediate and Brent rebounded – for now.
June U.S. crude futures surged $3.34, or 28.87 percent, to $14.91 per barrel on the New York Mercantile Exchange at the time of this writing. June Brent crude futures rose $2.31, or 11.95 percent, to $21.60 per barrel.
Perhaps President Donald Trump’s promise of federal aid for oil and gas companies lifted the industry’s spirits. Perhaps investors are trying to catch the bottom. Either way, this must be perturbing Rep. Alexandria Ocasio-Cortez (D-NY) who was pleased by the bloodshed this week.
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