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Oil Price Rebound Takes Shape as Crude Defends October Low
The price of oil appears to be on track to fill the price gap from last week as it extends the rebound from the monthly low ($74.76), and crude may stage a large rebound over the coming days as it reverses course after defending the October low ($74.23). The price of oil carves a series of higher highs and lows even as the US announces that “the Department of Energy will make available a release of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans,” and crude may continue to retrace the decline from the monthly high ($84.97) as it shows a limited reaction to an ... (full story)