The Oil Market Resuscaitate
Oil is officially back in a bull market as confidence grows over both the global economy and the willingness of OPEC+ to adhere to its production cut agreement.
January 11th, 2019 Oil entered a bull market this week, having gained 20 percent since the low point reached in December. WTI rose above $52 per barrel, while Brent moved above $61. “The mood brightens, and the market realizes that the world economy and oil demand are not grinding to a halt,” Norbert Ruecker, head of macro and commodity research at Julius Baer Group Ltd. in Zurich, told Bloomberg. “Moreover, there is confidence that the petro-nations will cut supplies as promised to balance the market.