By Barani Krishnan NEW YORK (Reuters) - Oil prices roared back from six-year lows on Friday, rocketing more than 8 percent as a record weekly decline in U.S. oil drilling fueled a frenzy of short-covering. In a rally that may spur speculation that a seven-month price collapse has ended, global benchmark Brent crude shot up to more than $53 per barrel, its highest in more than three weeks in its biggest one-day gain since 2009. The late-session surge was primed by Baker Hughes data showing the number of rigs drilling for oil in the United States fell by 94 - or 7 percent - this week. Earlier gains were fueled by reports of Islamic State militants striking at Kurdish forces southwest of the oil-rich city of Kirkuk. Brent settled up $3.86 at $52.99 a barrel, after running to as high as $53.08. U.S. oil futures finished up $3.71 at $48.24, soaring by nearly $3 in a final frenzied hour and ending a two-week stretch of relatively steady prices, the longest break since a seven-month rout kicked off last summer. On Thursday prices had touched a six-year low under $44 a barrel. Poised for a bounce many thought was overdue, short traders raced to cover their positions on fears that the rout, sparked by massive U.S. shale crude supplies, was nearing its end. "The rig count drop was a lot more than people expected and it really got the market going," said Phil Flynn, analyst at Price Futures Group in Chicago. According to Baker Hughes, the decline in oil drilling rigs was the most since it began keeping records in 1987. With drillers having idled about 24 percent of their oil drilling rigs since the summer, some traders may be betting that an anticipated slowdown in U.S. oil production is nearer than expected. NOT OVER YET? Some are not convinced that the sell-off in oil is over. The rout began in June when Brent peaked at over $115 a barrel and accelerated in November after OPEC refused to cut its production. "There was a lot of short-covering before the month end from people wanting to take profit from the $40-odd lows, so it's not surprising that we rallied," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow in New York. But it will take a while for production to respond to lower drilling. "This doesn't change the fundamental outlook in oil. We are still about 2 million barrels oversupplied." Production from OPEC, or the Organization of the Petroleum Exporting Countries, rose in January to 30.37 million barrels per day (bpd), a Reuters poll showed, a sign that key members of the group were resolute about defending their market share. A Reuters poll shows oil prices may post only a mild recovery in the second half of the year, with prices still averaging less in 2015 than during the global financial crisis. Joseph Posillico, senior vice president of energy futures at Jefferies in New York, also warned of a short-term, short-covering rally that could be quickly reversed. "This is just the market being the market and we could give these all back in the next few sessions." (Additional reporting by Ron Bousso in London and Henning Gloystein in Singapore; Editing by Jason Neely, John Stonestreet, Bernadette Baum, Gunna Dickson and Lisa Shumaker)
- Business Insider
Ex-official who investigated Hillary Clinton's emails said the documents recovered by the FBI at Trump's Mar-a-Lago were particularly 'stunning' and 'egregious'
"Whether this investigation transforms into an outright criminal prosecution remains to be seen," David Laufman said on CNN.
Trump sent cryptic message to Merrick Garland before warrant was unsealed: 'The country is on fire. What can I do to reduce the heat?'
Donald Trump reached out to Attorney General Merrick Garland before the warrant to search Mar-a-Lago was unsealed, The New York Times reported.
- BuzzFeed News
Ariana Grande’s Time As A Nickelodeon Child Star Has Come Under Scrutiny After A “Disturbing” Video Of Her Being “Sexualized And Infantilized” Resurfaced Online
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- Yahoo Entertainment
Kristin Chenoweth's naughty answer stuns Steve Harvey on 'Family Feud': 'I'm a good Christian girl, forgive me'
Tony winner Kristin Chenoweth was out raising money for her charity on "Celebrity Family Feud," Sunday night.
Trump attempts to use Truth Social post to make legal request for DOJ to give Mar-a-Lago raid documents back
Trump seemed to attempt to give his social-media network legal force, writing "By copy of this TRUTH," alongside a request for documents back.
Trump's initially 'upbeat' mood about the FBI's Mar-a-Lago raid turned dark when GOP support began to wane, report says
Sources told The Washington Post that Trump initially believed that the FBI raid would benefit him as it would look like the DOJ had overreached.
Mary Trump speculates that Jared Kushner could be the 'Mar-a-Lago mole' after reports say an informant close to Trump guided FBI agents to the documents
Sources told The Wall Street Journal and Newsweek that someone told the FBI about the documents at Mar-a-Lago and where they were stored.
Ex-White House chief of staff said Trump stashed records at Mar-a-Lago because 'he didn't believe in the classification system'
Trump has denied any wrongdoing by keeping White House records at his Mar-a-Lago resort, saying, "Everyone ends up having to bring home their work."
Trump goes on Truth Social rampage, sharing over a dozen posts, including from accounts with QAnon references
Accounts Donald Trump reposted included references to QAnon, the Pepe the Frog hate symbol, and debunked conspiracy theories about the FBI.
The former president also slammed the FBI as "corrupt" for confiscating the material. Some of it was marked as classified and top secret, according to a warrant.
- The Daily Beast
via TwitterA Pennsylvania man who allegedly plowed his blue Honda Accord into a crowd of mourners late Saturday, killing one and injuring 17 others, before murdering his own mother, allegedly told cops he did so because he was tired of fighting with his mom over money.State troopers said that at about 6:30 p.m. Saturday, Adrian Oswaldo Sura Reyes, 24, drove into a group of about 75 people who were attending a daylong community benefit in Nescopeck to raise funds in the wake of a horrific house f
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"This can only end in one of two ways: he's got to be indicted or Merrick Garland has to resign," conservative commentator Scott Jennings said.
Rand Paul calls for repeal of Espionage Act amid DOJ investigation into Trump taking classified documents to Mar-a-Lago
The DOJ is investigating if Donald Trump broke the Espionage Act. But Rand Paul, a GOP senator, wants it repealed, he said Saturday.
A group that wants to eliminate nuclear weapons says the FBI's seizure of documents at Mar-a-Lago highlights vulnerabilities in global security: 'We really have no idea what was going on inside Trump's head'
On Monday, federal agents found 11 sets of classified documents after searching former President Donald Trump's Mar-a-Lago residence.
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"It was a chaotic exit," a source told NBC News of Trump's White House departure, adding aides filled up boxes to be sent to Mar-a-Lago.
- Country Living
Singer Shania Twain stunned fans when she returned to her home country of Canada to close out the Boots & Hearts Music Festival in a youthful mini dress.
Rep. Adam Schiff said the seizure of Rep. Scott Perry's phone suggests the Justice Department thinks Trump team's alternate electors plot was a crime
Perry, an ally of former President Donald Trump, is a key figure in the DOJ investigation into the efforts to overturn the 2020 election.
- Chicago Tribune
Eight brides in one family have worn a Marshall Field’s wedding gown purchased in 1950: ‘it’s a lucky dress’
CHICAGO -- When Serena Stoneberg walked down the aisle of a North Side church this month, her wedding continued a family tradition that spanned seven previous brides across three generations and multiple Chicago neighborhoods and suburbs. Stoneberg became the eighth bride to say her vows in the satin gown that was previously worn by her grandmother, great aunt, aunt and cousins on their ...
Don't ask too many questions.
Marjorie Taylor Greene is trying to impeach Merrick Garland, saying the Trump Mar-a-Lago raid was a 'a blatant attempt to persecute a political opponent'
The FBI during its search recovered 11 boxes containing classified records that Trump took with him from the White House once he left office.