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Glimmers of cooperation between world powers helped bring additional bids to oil to start the week. It remains to be seen if the positive news was enough of a catalyst to form a bottom in crude oil prices. However, oil rocketed around 4% higher on Monday producing the largest one day jump in price since June. The question before traders now is whether this is a signal of a reversal in the brutal bearish downtrend thats been in play for the previous two months. The news from the weekend signaling potential for a truce in the trade war between China and the US provided some lift to start the weeks trading. Layering on the good news were reports that Russia and Saudi Arabia are extending their cooperation pact dealing with oil production. While no new details emerged about what this extension means, speculation was rampant that it could lay the ground work for a production cut to be announced when OPEC meets in Vienna this week. More bullish news came from Canada as suppliers there announced an intention to cut back on production. Alberta Premier Rachel Notley announced the Canadian province would seek to limit production in their province […]
