After 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...]
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