Oil Prices Up By 30%

[kakatiya]

Oil has stopped crashing.

Investors around the world freaked out when oil prices plummeted to a 13-year low of $26.05 a barrel on February 11. But they are now sitting at $34 a barrel, marking an incredible 30% spike in the span of just 11 trading days.

 

The ridiculous surge from the recent lows reflects a swing in sentiment, even if it's not a dramatic shift in the fundamentals. The world still has too much oil and U.S. production hasn't slowed enough yet to ease the epic supply glut.

"Fundamentally, things are still extremely weak. It's being driven more by hope," said Matthew Smith, head of commodity research at ClipperData, which tracks global crude shipments.

Hope has been fueled by OPEC. Saudi Arabia, Russia and other producers agreed to a tentative deal on February 17 to freeze output.

"That was the trigger. It helped us reach a bottom in oil," said Rob Thummel, a portfolio manager at energy investment firm Tortoise Capital.

[Hitman]

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[JANASENA]

oil stocks perigithey bagunnu :)

[Hitman]

oil stocks perigithey bagunnu :)

 

almost BK ki 1 feet away lo unnayi.. all of the suddent oil $50 + ayite tappa..otherwise no chance. Banks officially declared no more lending for Oil companies. already existing credit line unte adi use chesukovadame. hedging kooda intereset ga leru.. ilane roller coaster ride inko 2 months unte 90% of the extraction companies will go BK. investors ki pedda rod.

[Rao_Garu]

antha improvement em ledu

[perugu_vada]

Adhdnti inka thagochu annaru ga ;)
Ippatiki aithe em peragaledu
Lets c

[mustang302]

ma dubai shiek meeki thanks chepthunnadu hain...!!