Stocks are falling to start the week, but crude oil is rallying.
In morning trade in New York, West Texas Intermediate crude futures were up more than 2% to above $US68 a barrel.
Now, crude is still below where it was on Thursday ahead of OPEC’s announcement that it would not move to curb production in the face of declining oil prices.
Year-to-date, WTI crude prices are down 32% while Brent crude prices are down 36%.
And while many have said that oil prices can go lower, much lower, some bounces would be expected for oil prices. Because while the price of oil went straight down over the last two days, it isn’t going to straight down over a period of weeks or months.
So, some bounces are to be expected, even if oil remains in the huge bear market it has been in over the last few months.
On Monday, here is one of those bounces.