- Marking the largest weekly rally in three months, oil futures have skyrocketed above $31, as a cold front sweeping the U.S. and Europe as well as firmer financial markets gave traders reason to cash in on short positions.
- Although crude is poised for its first weekly gain this year, analysts still warn there has been no shift in the fundamental backdrop of supply that far exceeds demand and swelling inventories.
- Earnings season could also play a big role in driving prices in the near term.
- WTI +5.7% to $31.23/bbl; Brent +7% to $31.30/bbl.
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM