Crude oil (WTI) is rising by 0.75% to $37.78 per barrel and Brent crude is jumping by 1.18% to $37.38 per barrel, according to the CNBC.com index.
Oil futures were lifted by yesterday's bullish inventory report.
The EIA announced that crude supplies dropped by 5.9 million barrels last week, surprisingly greater than what analysts had expected, the Wall Street Journal noted.
OPEC a day earlier noted that oil prices will rebound in the coming years. The group also expects to cut production by 2019.
Based in Phoenix, AZ, Freeport-McMoRan is a natural resource company that engages in the acquisition of mineral assets, and oil and natural gas resources.
I'm not a big fan of picking bottoms, but when a stock reverses on some powerful trend, it catches my attention. Freeport-McMoRan has been in freefall for months, and the most recent collapse has been spectacular: cut in half, from about $13 to $6.
But with some very heavy volume, price action and call activity, the stock was lifted from the ashes and saw its biggest percentage move since late August.
Follow-through is always crucial, but the seeds are planted for some upside now. We're not talking 100% move from here, but some mean reversion up toward the $8-$9 area, which would be a nice 20% plus gain.
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