Oil prices have risen for sixth consecutive weeks, notching an 11% gain for crude during the rally. While a pullback could occur — the oil trade was close to flat on Tuesday as overseas supply threats balanced higher U.S. inventories — recent history suggests there are more gains to come, not just in oil but also in stocks.
div > div.group > p:first-child"> Similar six-week oil rallies have happened only five times since 2010, according to a CNBC analysis of Kensho, a big data trading tool used by Wall Street banks and investment firms. While oil has tended to pull back slightly the week after a six-week period of gains, two weeks later it starts to move higher again, and a full month later oil locks in additional gains.
WTI crude has traded higher more than 80% of the time and tacked on an additional average gain of more than 2.5%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil shares jump after Chevron buys Andarko and merger fever hits oil patchChevron's $33 billion acquisition of Anadarko sparked speculation the oil patch will see a new wave of consolidation as major players look to build scale and lower costs in the shale sector.
Source: CNBC - 🏆 12. / 72 Read more »
Oil shares jump after Chevron buys Anadarko and merger fever hits oil patchChevron's $33 billion acquisition of Anadarko sparks speculation the oil patch will see a new wave of consolidation. APC turns down $70. per share from OXY for a $65 from CVX? WTF? as a shareholder why dont we get a say? Get the jump on what this means for the average American with no oil stock. I have a feeling nothing will be trickling our way. USFunds And oil refiners will celebrate by raising the price of gasoline for everyone, in order to record a 6th record-breaking profit year in a row
Source: CNBC - 🏆 12. / 72 Read more »
'Climate before cash': young Norwegians call time on oil industryWhen Norway's largest political party decided that the Lofoten Islands in t... Yes there is, they don't want anything to do with us.
Source: Reuters - 🏆 2. / 97 Read more »
Oil scores best run in three years as dollar, stocks tread waterSigns of a stabilisation in China's giant economy and a soggy dollar helped... Boooo. Bring back lower gas prices.
Source: Reuters - 🏆 2. / 97 Read more »