After crude suffered a near record, 44% plunge in the fourth quarter, one which left commodity funds reeling and both OPEC and oil exporting nations in a panic, 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 coupled with algos who turned from net short back to long.
WTI crude closed above $52 a barrel, staging a powerful, 23% recovery after hitting an 18-month low on Christmas Eve. Brent, likewise, finished the day up 22% since bottoming out.
After ending 2018 in a deep
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