Commodities Corner: Why oil prices stampeded into bull-market territory

This week, oil prices officially charged into a bull market as the prospect of an output freeze by major producers, data showing the first weekly fall in U.S. crude supplies in a month and a decline in the dollar boosted prices.

Crude-oil prices have advanced more than 20% from their Aug. 2 low over the past several sessions, signifying a bull-market run.

On Friday, September West Texas Intermediate crude CLU6, +0.73% edged up by 30 cents, or 0.6%, to settle at $48.52 a barrel on the New York Mercantile Exchange. That is nearly 23% above the recent settlement low of $39.51 on August 2.

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