Oil jumps by most in 4 weeks as traders rush to cover short positions

Oil jumps by most in 4 weeks as traders rush to cover short positions:

"Oil traded sharply higher on Friday, jumping by the most in four weeks, with analysts saying the move was triggered by market participants rushing to cover short positions. Brent crude, the global oil benchmark, rose 3.7 per cent to $52.92, while West Texas Intermediate, the US crude marker, was up 3.5 per cent at $48.74. The moves mark the gauges’ best day in more than four weeks. Expectations of stellar US production growth – especially from the US Department of Energy this week – have coincided with separate data showing strong demand growth but also weaker regional output numbers."



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