Oil bounced 15% on Wednesday against a backdrop of slowing demand for inventory storage. Wednesday's gains came after the American Petroleum Ins...
The manager of the best small-cap fund of the past 20 years explains why he's betting big on a consumer recovery — and shares his top 4 stock picks in the struggling sector
Analysts, however, warned that gains are likely to be short-lived, with one predicting"carnage" in the oil market in coming weeks. "Carnage will remain as long as the market remains so incredibly imbalanced and we get closer to mid-May when storage facilities are expected to be full to the brim," said Craig Erlam, senior market analyst at OANDA."Those cuts can't come soon enough."
"Oil trade will remain volatile, but any major relief rallies will likely be heavily sold into until the entire energy space starts delivering deeper production cuts," according to Edward Moya, another senior market analyst at OANDA. "Given that inventory increases are still running at extreme rates we may still be seeing such violent moves in WTI futures without the fund rolls," analysts at Deutsche Bank said. and the release of global floating storage data later today would be noteworthy.Goldman lists 5 reasons traders should load up on energy stocks following oil's historic plunge »
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