It is suddenly hip to be bullish crude oil again. Bearish calls that oil could crash to $10.00 a barrel seem be off of the table. Talk that oil would never exceed $40.00 a barrel ever again has been proven to be wrong. Now the market and the analysts are starting to understand the impact the oil price crash has had. It has created a long lasting effect on future oil production and has sparked a surge in demand.
Oil prices jumped over 2% on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.