Oil Resumes Rally On Saudi Cuts, Stimulus Progress — Market Talk

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Oil Resumes Rally On Saudi Cuts, Stimulus Progress — Market Talk

0955 ET – Oil prices rally as markets anticipate Saudi production cuts and demand-boosting stimulus in the US. Spartan’s Peter Cardillo tells WSJ that oil “has found a bottom and is in a trading range,” adding that news of progress towards a new relief package is a positive for fuels. Cardillo adds that a rise in the price of metals is helping energy markets. The metals rally is due to a GameStop-style short squeeze on silver, analysts say. “When you have a pop in the metals traders find an excuse” to take risks on hard assets, Cardillo tells WSJ. WTI rises 1% to $52.74 a barrel