Since its closing low on August 24th, the price of oil has risen 29%! This move puts it back into a new bull market based on the widely regarded bull market definition of a 20%+ rally that was preceded by a 20%+ decline. Below is a table showing every bull market that oil has experienced since 1983. As shown, the current bull is the 34th on record. At the bottom of the table, you’ll see how this oil bull market compares to historical averages and medians.
With a gain of 29% over just 44 days, the current bull is 10 percentage points below the median gain of 39.6% that oil has experienced throughout history. It’s 35 percentage points below the average gain of 65%. In terms of length, the average oil bull market has lasted 220 calendar days, while the median is 149 calendar days.
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