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Oil Futures Rally Along With Everything Else

Just when you think oil prices are going in the right direction, oil futures closed at $104.55/barrel up 6.8%. Short covering?

Hurricanes in the US and attacks in Nigeria have stuck it to oil supplies. Never good for the average Joe.

Says Phil Flynn of Alaron Trading in Chicago:

“People were waiting to cover shorts at the last minute because, really, if the Fed didn’t bail us out on oil today, people could have waited until Monday,” he said. “We went from ultimate fear to euphoria overnight.”

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