Oil had a fantastic day, picking up nearly $3 in today's session. Could we finally be heading back into a bullish oil market? Cold weather and rumored OPEC cuts are definitely painting just such a picture.It has definitely been a long time since we have seen such a strong one-day move for the precious crude as we did today with oil prices climbing $2.77 to $56.78. We even briefly saw prices crest over $57 for a short period this afternoon.
Two main factors were at play today. The first being cold weather across America, and the second being more production cut rumors coming from OPEC.
This winter has definitely been a warm one. Cold winter weather took its sweet time arriving and didn't really start to impact most of America until about a week ago. The long-awaited arrival of winter has had the effect of boosting prices and it definitely showed up just in the nick of time. Last week we were wondering if oil was going to be able to use the psychological $50 barrier as support, and now it looks like we could be testing resistance up at $60. What a difference a week makes.
There has been a lot of attention paid to OPEC lately as oil prices have sold off so sharply over the last couple of months. Many analysts have been wondering if the 11 nation group would call an emergency meeting to discuss the possibility of cutting production ahead of their next regularly scheduled December session. Last week both 
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