Crude Experiences Short-Squeeze as Production Cut Rhetoric Makes the Rounds

Crude rallied 10% on the session mid-day on Friday, peaking at $29.10, and up over $3 per barrel from Thursday’s 12-year low. Reports of an OPEC deal to cut production appears to have started the short-squeeze rally. Most rallies start with a short squeeze but the problem is that the chances of an OPEC agreement are likely pretty slim. Until Saudi Arabia needs to confirm such a deal and there…