With Oil Surging, is Bear Market Over? — Market Talk

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With Oil Surging, is Bear Market Over? — Market Talk

08:26 ET – Oil prices rise sharply as Russia and OPEC signaled plans to cut production, while Canada’s Alberta province says it too will be mandating output reductions from companies. A trade-war ceasefire between US and China leaders Trump and Xi is adding further tailwinds since it curbs fears of a slowing global economy that would hurt oil demand. “Oil prices are surging as Canada cuts after the Saudi and Russia pact that we see ending the oil bear market,” says Peter Cardillo at Spartan Capital. “In summary; short covering along with new position buying will make for a stellar day upward move.” WTI was recently 3.9% higher at $52.85/bbl. (dan.molinski@wsj.com)