By Michelle Seiler-Tucker
ducking under $28 a barrel earlier last week, oil rallied back into the low 30s
with Brent, a benchmark for oil prices, closing 10% up Friday, north of $32.
However, what was initially billed as a potential recovery of the gutted oil
market is seeing a reversal once again. Monday, both Brent crude and US Oil
slid back over 4% on Friday’s gain, hovering just above $30 for the time being.
While OPEC officials stated the organization wants to see prices rise, Saudi
Arabia, the dominant player in OPEC, continues to pump oil into the market. [more...]