It’s been an absolutely insane few days for crude oil, the most closely-watched commodity on the planet.
Oil prices spiked 9% — the biggest daily jump since August — to close at $32.19 a barrel on Friday.
Crude crashed to $26.19 a barrel Wednesday, the lowest level since April 2003. Since then, oil has surged a remarkable 23%.
There didn’t appear to be an obvious trigger for the rebound. Traders pointed to extremely oversold conditions that simply couldn’t last.
