Oil on Brink of Bull Market Amid Saudi Stabilization Talk: Chartby
Saudi Arabia’s helping oil back to the verge of a bull market. Brent is nearing a 20 percent increase from its previous low, the common definition of a bull run, after tumbling into a bear market earlier this month. Saudi Energy Minister Khalid Al-Falih said Thursday that informal talks in September may lead to actions to stabilize the market, fueling a 13 percent surge over five sessions. Russia’s comments that it’s open to discussing an output freeze has added to Brent’s 19 percent gain since Aug. 2.