Oil surges above $59 as traders cover short positions

April 13, 2015 8:31 AM

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Oil surges above $59 as traders cover short positions

LONDON (Reuters) - Oil surged above $59 a barrel on Monday in a volatile market as traders covered short positions, after a strong end to last week as financial traders increased bets on higher prices amid a slowdown in U.S. drilling.

Front-month Brent crude futures LCOc1 were trading up $1.40 at $59.28 a barrel by 0810 GMT (12.10 a.m. ET), while U.S. crude CLc1 had risen $1.22 to $52.86 a barrel.

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