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.

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