Oil Surges Into Bull Market as Investment Cut Seen Curbing Glut
Oil tankers sit at a rail yard at the Kinder Morgan Inc. facility in Richmond, Calif.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Oil surged for a fourth day, moving into a bull market on speculation that reduced investment will curb crude production.
Brent crude, the benchmark for more than half of the world’s oil, closed more than 20 percent above its Jan. 13 settlement, a common definition of a bull market. BP Plc said on Tuesday it will cut spending by 13 percent after oil slumped. U.S. drillers idled 94 rigs last week, the most in data starting in 1987, according to Baker Hughes Inc.