Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg:
Oil stormed back into bull market territory, as investors who’d abandoned crude just a month ago were lured back by an OPEC-led campaign to bring runaway supplies in check.
West Texas Intermediate crude closed at $52.36 a barrel, completing a 23 percent recovery since hitting an 18-month low on Christmas Eve. Brent, the global benchmark, finished the day up 22 percent since bottoming out.
Crude ended 2018 in free fall but has reversed course on signs that Saudi Arabia, Russia and other major exporters will follow through on last month’s pledge to slash production -- Saudi Energy Minister Khalid Al-Falih said the plan was on track Wednesday. Progress in ending the U.S.-China trade war has turned the economic outlook brighter, adding to oil’s momentum.
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