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Black gold is finally getting its shine back

AP Photo/Eric Gay
A price war is looming.
By Melvin Backman
Published Last updated This article is more than 2 years old.

See that? That little purple squiggle in the corner of the chart below? Thats’s an oil rally. Prices for the US crude benchmark are up about 15% since Wednesday (and the international equivalent, Brent crude, is up 19% in the same span).

It’s not much—and some aren’t so sure it will last—but, coming after months of precipitous decline, it’s something.

One possible reason: Oil companies are idling some of their rigs in the US, as stockpiles rise and cost-cutting spreads. That might have given black gold a boost.

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