Super Spike Theory

Super Spike Theory

Brent crude reached a one-year high of $53.73 a barrel in London on Monday after Saudi Arabia and Russia, the world’s two largest crude producers, pledged a joint effort to limit output to counter a global glut and prop up prices.

“If OPEC sticks to its new target, the market’s rebalancing could come faster,” according to the agency, which last month said the surplus would persist into late 2017.

While the commodity fell on Tuesday, it was near the highest level in 15 months.

Crude Oil closed down $0.53 or 1.03% (profit taking from yesterday’s rally), CHK taking it on the chin (undeserved), down $0.16 or 2.48%, XOM down $0.70 or 0.79%.

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