Oil is now rocketing
This will give the panellists at the World Economic Forum something to talk about.
After a volatile week, in which oil sank below $28 (£19) a barrel, the commodity is rallying above $30 on Friday.
We got hints that sub-$30 oil wasn't in Saudi Arabia's plans. According to a report in the Financial Times, Khalid al-Falih, chairman of the state-owned oil company Saudi Aramco, said he expected a recovery in prices this year.
Meanwhile, other markets are recovering. The Nikkei 225 staged a stunning rally and was up just over 6% at one point, finishing at 16,965, up 5.9%, or 941 points, for the day.
As of noon GMT (7 a.m. ET), each of the major benchmarks, West Texas Intermediate and Brent crude, was up by more than 5%.
Here's WTI:
After a volatile week, in which oil sank below $28 (£19) a barrel, the commodity is rallying above $30 on Friday.
We got hints that sub-$30 oil wasn't in Saudi Arabia's plans. According to a report in the Financial Times, Khalid al-Falih, chairman of the state-owned oil company Saudi Aramco, said he expected a recovery in prices this year.
Meanwhile, other markets are recovering. The Nikkei 225 staged a stunning rally and was up just over 6% at one point, finishing at 16,965, up 5.9%, or 941 points, for the day.
As of noon GMT (7 a.m. ET), each of the major benchmarks, West Texas Intermediate and Brent crude, was up by more than 5%.
Here's WTI:
And here's Brent: Brent rocket
Investing
On Thursday, oil fell below $28 a barrel for the first time since September 2003, marking a 75% decline from July 2014.
The renewed slide corresponded with a report released by the International Energy Agency in which the group warned that the oil market could drown in oversupply in 2016.
Crazy Writer
I am a somehow who is very wild and wide with imagination and ideas so I love expressing those kinds of stuff in my head through writing. I can write just about anything and everything.
