Oil Prices Surge Higher After 3-Day, 13% Slide

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Oil Prices Surge Higher After 3-Day, 13% Slide

US benchmark oil prices are ripping higher, up 5.8% at $100.52 a barrel as they stage a rebound from three straight days of declines that left prices at their lowest in nearly three weeks. “The correction from the high levels of last week has likely run its course,” says Peter Cardillo at Spartan Capital. “We reiterate a short target of between $105 and $110 as interruptions of the flow of gas from Russia to western Europe becomes more of a possibility.” WTI crude is nearly 27% higher year-to-date, and about 5% higher so far in March.