Oil's Three Big Days Wipe Out a Month of Losses
OPEC signaled that it might cut production in the future and the U.S. lowered output estimates, propelling oil back into a bull market less than a week after hitting a six-year low.
Prices surged 8.8 percent Monday in New York, capping the biggest three-day gain in 25 years.The Energy Information Administration changed the way it calculates how much oil comes out of the ground, using a survey of producers in key states instead of relying on data from state agencies and computer models. As a result, 13.2 million barrels of oil production vanished with a government blog post.
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