Friday, August 19, 2016

Oil Is Coming Back

With little fanfare, the price of oil reached bull-market status yesterday, completing the turnaround from a bear market dive in just three weeks. Crude is now up 22 percent since it settled for just one day below $40 a barrel on August 2.

Prices are still down by more than half from when they traded above $100 a barrel in 2014, but they are also up more than 80 percent from just six months ago. That's when they crashed to a decade low of less than $30 a barrel.

The price of light, sweet crude for September delivery has now risen for six straight trading sessions. It's up 16 percent in that span, oil's longest and biggest winning-streak by percentage since April.

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