WTI Surges Above $33 Despite IEA ‘Glutter’-For-Longer Warnings

by Tyler Durden
ZeroHedge.com
02/22/2016

WTI crude prices are up almost 6% this morning with April (the new front-month) trading above $33.50 – testing post-DOE plunge stops. The irony of the ramp is that it comes amid terrible global PMIs (demand), a report from IEA of oil staying in glut for longer than expected (supply), and warnings from Abu Dhabi’s biggest bank that $20 oil is possible. Oh well, we are sure the algos know what they are doing… despite veterans of the 1980s oil glut warning it could take 7 to 10 years to emerge from the current slump.

The Rest…HERE

This entry was posted on Monday, February 22nd, 2016 at 11:40 am and is filed under Economics, Oil. You can follow any responses to this entry through the RSS 2.0 feed.