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MTECHTIPS;-Oil Jumps 5%, Moving to Bull Market From Bear Despite Inventory Data

Thursday, January 10, 2019 1:01

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MTECHTIPS;-Oil Jumps 5%, Moving to Bull Market From Bear Despite Inventory Data

MTECHTIPS-Oil has turned into a bull market, from a bear market just two week ago, as priced jumped more than 5%. U.S. crude’s benchmark West Texas Intermediate grade jumped to more than $52 per barrel on Wednesday, gaining exactly $10 per barrel, or almost 24% above the 18-month lows of $42.36 hit on Christmas Eve. U.K. Brent hit 2019 highs above $62. New York-traded WTI settled up $2.58, or 5.2%, at $52.36 per barrel after a 2019 high at $52.58. London-traded Brent was higher by $2.62, or 4.5%, at $61.34 by 3:00 PM ET (20:00 GMT), after rising to $61.69 earlier, the highest so far for this year. Any asset that gains 20% or more in value from its last low is technically in a bull market. The rally came as OPEC kingpin Saudi Arabia vowed to “stabilize” the market. Speaking after the kingdom revealed a slight upward revision to its oil reserves following an audit, Saudi Energy Minister Khalid al-Falih said actions taking by the OPEC+ alliance that included Russia were starting to bring the market back after a near-40% drop from 2018 highs

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