Oil futures trading prices saw a slight increase, taking it right above $73 a barrel. Crude oil has been on the decline, losing almost 11.5 percent from $82 a barrel since the beginning of the month. It's become clear that the U.S. economy is slowing, suggesting the oil and gas demand will remain sluggish.
The rebound in the prices of crude was a result of natural gas prices falling. Some analysts said that there is a vast majority of traders who thought natural gas wouldn't go below $4 per cubic foot, and that crude oil would fall below $70 a barrel. As the gas started dropping below that level, traders started buying crude to avoid losses and cover their bets.
"Given the future prospects for economic recovery, the oil market is considered to have fallen to much, to fast. We are seeing some uptake in oil pricing, and the low 70's seem to be the near term bottom," said Victor Shum, energy analyst for Pervin & Gertz.
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