Does This Oil Price Rally Have Legs?

After a couple of miserable weeks, oil traders were finally offered some good news this week as prices started ticking back up, futures improved and bullish estimates began trickling in from analysts. Having endured a period of rock-bottom prices, benchmarks may be finally turning a corner, according to key market-watchers. But is the rally real, or just a temporary reprieve from long-term low prices? Bloomberg reported on June 29 that a rally in prices was imminent, as over-supply concerns that have dogged markets for weeks finally began to recede.…
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