The Oil Rally Looks Doomed, in Five Charts
The glut remains, and producers are ready to pounce with fresh supplies.
Saudi’s Keep Pumping, Can Oil Sustain Rally?
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Oil has surged 20 percent this month to $57 a barrel as expanding violence in Yemen stoked concern that supplies could be disrupted.
The rally follows the biggest drop since 2008, with crude falling as low as $43.46 a barrel in March, as a price war broke out between OPEC producers and U.S. shale drillers. West Texas Intermediate oil, the U.S. benchmark, is now back up at close to a four-month high. Prices gained in each of the last six weeks, the longest stretch in more than a year.