Oil made something of a comeback today despite an Energy Information Administration report showing a growing glut of supplies. Traders are starting to bet on the bottom having been reached, restoring some confidence. At one point today oil jumped 6 per cent in less than an hour and the price is now around $48 having been as low as $42 this week. Meanwhile there has been a flurry of activity among oil traders who have been hiring oil tankers in which to store stocks until the price returns to good profit margins. With oil futures for 2016 looking better it could be a strategy that pays off, however risky in the meantime.
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