PRICE ABOVE $38
Light, sweet crude oil prices for May delivery dropped more than $1 on Mar. 29 on the New York market to settle above $38/bbl. It was the fifth consecutive session for prices to drop and the longest losing streak since February when prices plunged below $30/bbl.
"The rally has run its course, and I think our next big move is another trip back below $30," Stephen Schork, editor of the Schork Report, told the Wall Street Journal. The rally started in the second half of February on optimism that major producers would freeze production at January levels.
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