WTI oil prices have posted a strong rebound off of the lows from last week, surging over 10%. WTI has retaken the $50 level, as short-covering produces a rush to buy back formerly profitable positions. If there was an upside for the market, it was the strike against nine US refineries by the United Steel Workers union. The afflicted units represent almost 10% of US refining capacity. The cold weather and strong demand for the newly cheap gasoline is magnifying the impact and/or fears over the strike…
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