Technically, oil is in a bull market

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.

NOW WATCH: Research reveals why men cheat — and it’s not what you think

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.