<p>Crude oil is going parabolic. </p><p>In just a few minutes on Monday morning, the price of oil went from down 3% on the day to up 3%, with West Texas Intermediate crude rising above $46.50 a barrel for the first time in a month. </p><p>This rally follows a 2-day surge to end last week that saw WTI prices rise nearly 20%. </p><p>Last Friday, <a href="http://www.businessinsider.com/crude-oil-price-august-28-2015-8">Dave Lutz at JonesTrading noted</a> that quite simply, people were betting heavily against oil and those shorts were getting squeezed out at the end of last week. </p><p>The trade is still playing out, it seems. </p><p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/55e477dfbd86ef12008b6fae-964-440/fut_chart (38).png" alt="fut_chart (38)" data-mce-source="FinViz" /><p class="source"><span>FinViz</span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/global-market-meltdown-stocks-oil-2015-8">RED EVERYWHERE: It's a global market meltdown</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="F3NTU1dzpxuF4acJ9B_9g5mwKWDZ5O4E" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'F3NTU1dzpxuF4acJ9B_9g5mwKWDZ5O4E',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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Crude oil is going parabolic

Crude oil is going parabolic. In just a few minutes on Monday morning, the price of oil went from down 3% on the day to up 3%, with West Texas Intermediate crude rising above $46.50 a barrel for the first time in a month. This rally follows a 2-day surge to end last week that saw WTI prices rise nearly 20%. Last Friday, Dave Lutz at JonesTrading noted that quite simply, people were betting heavily against oil and those shorts were getting squeezed out at the end of last week. The trade is still playing out, it seems. FinViz NOW WATCH: RED EVERYWHERE: It's a global market meltdown if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'F3NTU1dzpxuF4acJ9B_9g5mwKWDZ5O4E',{ autoplay: 'false' }); }); Please enable Javascript to watch this video (function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }());

Crude oil is going parabolic.  In just a few minutes on Monday morning, the price of oil went from down 3 on the day to up 3, with West Texas Intermediate crude rising above 46.

Crude oil is going parabolic

Myles Udland

NOW WATCH: RED EVERYWHERE: It's a global market meltdown

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