Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665
[Carl Surran, SA News]
Crude oil prices jumped suddenly in late-morning trading in New York, with both international and U.S. benchmarks spiking: WTI now +1.5% to $62.15/bbl after surging as much as 2%, Brent +1.2% to $65.87/bbl.
Traders are not yet certain what drove the sudden gains, although some attribute the move to technical trading that saw WTI rise above $62 intraday for the first time since Monday.
The market went “from low volatility to wow,” says Phil Flynn, senior market analyst at Price Futures Group, with no specific piece of fundamental news driving the move and adding that “when oil went higher on the week, prices exploded.”
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