Crude Oil in Bull Market Caps Biggest Weekly Gain Since March
- WTI, Brent advance more than 20% from early-August low
- U.S. drillers bring back 10 oil rigs this week: Baker Hughes
Amrita Sen: All or Nothing for OPEC on Oil Freeze Deal
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Oil capped its strongest weekly increase in five months after entering a bull market as investors weighed speculation that OPEC talks next month could lead to an output freeze, and U.S. inventories dropped.
Futures rose 0.6 percent in New York. While OPEC is unlikely to reach a deal to freeze production, its plans to hold informal talks in Algiers next month “were the spark” behind oil’s rally, according to Morgan Stanley. U.S. crude inventories dropped the most in five weeks through Aug. 12, while fuel stockpiles slid a third week, Energy Information Administration data showed Wednesday.