March West Texas Intermediate crude is up $1.807, or 6.10%, to $31.60 a barrel on the New York Mercantile Exchange.
Overnight, brent crude the global oil benchmark, rose $2.27, or 7.8%, to $31.52 a barrel on London’s ICE Futures exchange, set for a weekly gain of nearly 9%.
This is what I wrote in the EPJ Daily Alert on Wednesday when everyone thought the world was coming to an end and the Dow was down 500 points:
As I write the Dow Industrials is down more than 500 points. This is coupled with a renewed rout in oil prices with prices now below $28 a barrel...
The survivors [(the majors with strong balance sheets) will be in the catbird's seat, being able to pick up assets on the cheap. You want to be on the same side as they are, continue to accumulate oil stocks, but the overall S&P is also a great buy today.