- Better not get too excited about today's 10% spike in crude oil, as brokers and traders said much of the big gains were driven by traders closing out short bets against the market as prices surged.
- Bets by financial investors in the market that prices will fall were at their highest level since early April, according to the CFTC's most recent data last week.
- Ed Morse, head of global commodity research at Citigroup, says he "wouldn’t be surprised" if WTI drops below $30/bbl later this year before rebounding and actually needs to drop to that level since prices above $30 will not trigger production cuts.
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