Crude Retreated after Rallying on Short Squeeze

Crude oil retreated after yesterday's rally which was in line with the strength in the equity markets. While last week's output freeze deal might have helped the jump a bit, the key is probably short squeeze. The front-month WTI contract initially rose to 32.05, a level not seen in more than 2 weeks, before ending the day at 31.48, up +6.21%.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/crude-retreated-after-rallying-on-short-squeeze-2016022332387/