MIDLAND, TX (Local Big 2 News)
After months of dropping, oil prices are back on the rise. Experts describe a 32% jump in just 72 hours.
Cargile Investment Management President Mickey Cargile said it’s because the Saudi Arabians are discussing supporting prices with other countries now, among other reasons for why the oil prices shot up so fast.
“After last week we saw the price go down near $37, today we’re sitting at $49.20,” Cargile said. “So in three days, we’ve had a tremendous rally in prices.”
That’s the situation Cargile said we’re in right now in West Texas. After months of declining oil prices, we’re going back up once again. Cargile said he rarely sees changes this big and this quick.
“This is one of the fastest moves I’ve seen,” Cargile said. “We’re now back to the levels we saw back in July on oil prices.” CLICK HERE TO READ THE REST OF THIS ON MY EASTTX.COM