| It may have been wrong to call oil’s rise a dead cat bounce last week. Everyone’s favorite cratering commodity has actually been having a pretty good run since Jan. 20. Brent crude today (Jan. 28) rose above $35 per barrel for the first time in about three weeks on news that OPEC and Russia might finally curtail their contribution to the overproduction that has the world awash in oil.
That was enough to technically put oil in a bull market, trading at 20% higher than its recent lows. Spurring today’s rally: Reuters is reporting that Russia’s oil minister said Saudi Arabia proposed cutting production by 5%...............................................Full Article: Source
|