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SAN FRANCISCO (MarketWatch) — Crude-oil futures broke a five-session losing streak Monday, gaining 5.5% to settle above $102 a barrel, as last week’s steep losses lured buyers to a basket of beaten-down commodities.
He noted that some of last week’s recent volatility came from “a flurry of participants exiting their positions as a result of technical breeches on the downside” and ahead of Friday’s jobs report, which showed stronger April payrolls growth than anticipated.
“Once the proverbial blood has been washed from the Street, an upward trend for crude oil prices is likely to resume,” he said in an email interview.
Originally posted by buni11687
It didnt take long before oil moved past $100. Looking at market watch's main page right now, and oil is at $102.99....+$5.91.....+5.98%
Gold is also making a pretty quick "recovery" since it fell last week.