Oil rallied further after the leaked Fed story. Apparently the Fed did not want the market thinking that rates were going up anytime soon so they dropped a dime to their buddy Jon Hilsenrath at the Wall Street Journal.
Pull out the party hats! Dow closed above 15000 for the first time in history! Although the Dow is rocking, and that has been a factor in the increase in oil from the lows, Dow records are just not what they used to be.
OPEC is showing more concern about the rapid drop in oil prices. While a call from the hawks for a meeting is not unusual, it seems that OPEC special meeting or not will more than likely reign in production unless prices rebound dramatically.
The day after a wildly bearish Energy Information Administration supply report showed that crude supplies are at the highest level for this time of year in 82 years, central banks and economic data in U.S. piled on to one of the most significant sell-off events this year.