Crude shows a draw down for the first time in 17 weeks and also beat consensus estimates, driving the price over $62 per barrel. Eric Zuccarelli, commodities trader on the floor of the NYMEX, tells TheStreet’s Jill Malandrino the move in just five trading session from $53 to $62 caught a lot of shorts off guard and may have added some longs. That said, Zuccarelli is a seller between $62-$65 because fundamentals really have not improved and a key factor is drillers bringing rigs back on line. In addition, reports of Iran and Iraq increasing production have surfaced and Zuccarelli feels the oil supply glut is not going away.
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