Oil prices were higher today gaining about 2% as Iraq voiced its support for OPEC+’s oil cuts ahead of the meeting a couple weeks from now. This caused some speculators to cover massive short positions. “This was the perfect technical storm. We came into this week with an almost record short position and now we’re seeing some short covering going into the weekend,” said Phil Flynn, an analyst at Price Futures Group. Despite today’s rally prices were still lower about 4% week over week. Both Brent and WTI notched their third straight weekly losses for the first time since May, although they are now in technically oversold territory. WTI traded up $1.43 or 1.9% to close at $77.17. Brent traded up $1.42 or 1.8% to close at $81.43.