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One trader has an interesting theory about why we might be seeing a bottom in oil prices
One trader has an interesting theory about why oil may have bottomed. Earlier on Wednesday, data from the Energy Information Administration showed that crude oil inventories rose by 7.8 million barrels last week, more than the forecast for 4.8 million. Oil prices initially dipped a bit and stocks tumbled to the lowest levels of the session. But near mid-afternoon on Wednesday crude prices were spiking higher and stocks were following in what's been a very volatile day of trading. Rich Barry, floor governor of the New York Stock Exchange, wrote in an afternoon email that this action may have indicated something like a ... (full story)
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