Oil is on its longest rally in years

Oil traders bulls are breathing a sigh of relief as trade fights for its longest winning streak in years. West Texas Intermediate crude oil trades up 0.80% on Monday at $US46.42 a barrel.

A halt in new oil rigs and a decline in production have been fuelling the rise. Last week, the number of oil rigs fell for the first time in 24 weeks.

Monday marks the eighth straight day the commodity has risen, which would mark the longest win streak since 2010, according to a tweet from CNBC’s Carl Quintanilla.

The recent rally comes following a long, slow fall in prices. WTI is down 5.64% over the past year.

Click here to read more about West Texas Intermediate.

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