Back above US$50 a barrel on Friday after rising for seven consecutive days Brent crude has delivered a 25% gain for any trader fortunate to have caught the knife as it fell just over a fortnight ago.
Definitions and classifications can be thrown about easily. Whether you see it as move from one end of a trading range to the other extreme and back, or more dramatically bear market turned bull, one conclusion is clear.
The oil market is in a state of flux.
Data says one thing - the market for crude remains over supplied.
But it wasn’t data and or hard facts pushing crude prices in the past seven trading days, hope and speculation did that.
The market is betting on a change in direction from OPEC – well, a pause or ‘freeze’ at least – when the group of major oil producer meet in September.
On Friday, brent crude was changing hands at around US$50.50 while West Texas Intermediary was priced at US$48 per barrel.