Oil Leaps Into a Bull Market

Crude is now up 22% since it settled for just one day below $40 a barrel on Aug. 2, the latest in a series of violent swings that have now characterized the oil market for more than two years. 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% from just six months ago, when they crashed to a decade low below $30 a barrel.

The latest string of gains comes primarily due to continued talk of cooperation and potential production caps from the world’s largest exporters, including both the Organization of the Petroleum Exporting Countries and Russia. Data from Wednesday showing drops in U.S. crude and gasoline stockpiles are also continuing to ease fears of a glut and push bearish traders out of the market.

Light, sweet crude for September delivery settled up $1.43, or 3.1%, to $48.22 a barrel on the New York Mercantile Exchange. It is up for six-straight sessions, up 16% in that span, the longest and biggest winning-streak by percentage since April.

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