Aug 19, 2016

Oil enters bull market as prices continue rising

Crude prices have roared back to enter a bull market this week, rallying more than 20 percent from lows earlier this month amid hopes an upcoming OPEC meeting might stabilize global oversupply.

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Global oil prices continued their upward trend in early trading on Friday, with North Sea Brent crude holding firmly above $50 (44 euros) a barrel, and US benchmark WTI for delivery in September en route to a six-week high.

Technically, prices have entered a bull market as they have gained more than 20 percent since lows of below $40 earlier this month, fuelled mainly by official data showing lower US stockpiles and hints of a possible production freeze at the Organization of Petroleum Exporting Countries (OPEC).

2016 Deutsche Welle