Energy Futures Close Higher

Short covering drove market in shortened session

MICHAEL MCCERMOTT, Fimat USA: New York: Energy futures closed higher in a shortened session. There was some short covering after five consecutive down days. Investors were squaring off before the holiday weekend; the U.S. market is closed Monday. The market had closed before U.S. and British aircraft attacked targets in a no fly zone of Iraq. Prices might rise in London on Monday but fundamentals have turned negative. Supplies are high and demand is off. A Reuters report this morning said Saudis think there might be room for a production cut, but the story is vague.

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