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Crude Oil Prices Rise Almost 10% despite Oversupply Concerns

Crude Oil Market: Will the Shift in Direction Last?

Crude oil prices rally

This series analyzes crude oil prices and fundamentals. For an in-depth fundamental look at oil and gas and related companies, sectors, and drivers, please refer to our Energy and Power page.

NYMEX-traded WTI (West Texas Intermediate) crude oil futures contracts for September delivery soared by 9.24% and settled at $42.56 per barrel on August 27, 2015. Prices rallied due to short covering and positive US economic growth data. ETFs like the United States Oil Fund LP (USO) and the ProShares Ultra DJ-UBS Crude Oil (UCO) mirrored the price trajectory of crude oil prices in Wednesday’s trade. These ETFs rose by 9.24% and 18.02%, respectively, on August 27, 2015.

Short covering

Crude oil prices rallied more than 9% in a single trading session. It’s the largest single-day rally...