Crude oil is actually in a bull market.
A post on Bespoke’s blog this morning would have you reminded that crude oil is still 20% higher than the most recent bottom, despite being down some 70% from the top in mid-2014.
And technically we won’t be a new bear market until prices fall back below $25.75 a barrel.
But that’s how these definitions go — everything is relative.
Oil bulls, then, in theory have something to celebrate right now though West Texas Intermediate crude was down about 3% to trade near $31 per barrel on Monday morning.
“Since oil’s decline began a couple years ago, there have been three bull markets now,” Bespoke noted.
Maybe this will be the one.