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Oil Surges Yet Again by Close of Session, Ends Weekly Losses

August 28, 2015 at 21:32 by Vladimir Vyun

Initially, it looked like crude oil stabilized on Friday after Thursday’s massive gains. Yet the commodity surged yet again by the end of the trading session. West Texas Intermediate crude climbed 17 percent over the past two sessions, breaking the streak of eight consecutive weekly losses.

There were different theories regarding the cause of the surge. Some market analysts said that it was just profit taking following the breathtaking plunge over the last year. There are even speculations that crude has bottomed out. Others point out at the emergency meeting of the Organization of Petroleum Exporting Countries called by Venezuela as another possible reason for the crude’s rally. Venezuela called a gathering to discuss necessity of support for the slumping oil prices.

October futures for WTI crude oil soared as much as 6.34 percent to $45.26 per barrel as of 21:24 GMT on NYMEX today. Contract for Brent crude jumped 4.96 percent to $49.92 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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