Posted on 01/22/2016 10:31:17 AM PST by bananaman22
Oil prices surged on Thursday and Friday, staging a 14 percent rally to push oil back above $31 per barrel.
A combination of factors worked together to stop the bleeding for WTI and Brent. Hopes rose for fresh monetary stimulus from the European Central Bank on Thursday when its President Mario Draghi hinted that more action could be forthcoming. Also, Japan’s central bank could also engage in QE-style asset purchasing to boost the economy.
At the same time, a monster snow storm hitting the east coast of the U.S. brought speculation that colder weather could boost demand.
(Excerpt) Read more at oilprice.com ...
14% and $31 a barrel, then I can expect gas prices to push from $2.50 to back above $3.00 here in Nevada this afternoon.
I hear bricks instead of parachutes are making a comeback in skydiving.
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