WTI Crude futures just suddenly spiked above $62 (with no obvious news catalyst)…
Bloomberg points to today’s gains (pre-spike) as being driven by investors weighing surging U.S. crude production against a warning from the International Energy Agency of an impending shortfall in global supplies.
“The market is probably less concerned about the rise in U.S. oil production because the global economy is doing quite well, so there is demand for the additional oil,” said Jens Pedersen, senior analyst at Danske Bank A/S.
“It seems like oil has found its feet following a volatile start to the year.”
But this is not the first sudden spike to run stops above $62..
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