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Oil Prices Spike 8%: This Is Another Potential Sign Of A Bottom

On Friday, January 30, oil prices spiked by about 8%. This seemed to be due to a few issues which includes the fact that oil and stocks in this sector are heavily shorted and have been due for a spike from oversold levels. It also appears to be as a result of geopolitical issues in Iraq and the realization by more investors that major capex cuts and rig shutdowns are going to change the oil supply picture in the coming months and…