Don’t Look Now but the Oil Market is Turning Bullish
Not that long ago analysts were throwing in the towel on the oil market, with some growing downright bearish. In late June, for example, analysts at Seaport Global Securities downgraded more than 50 oil stocks in one swoop after changing their mind on oil prices, which they saw crashing back into the $20s early next year. However, a gusher of bullish data over the past couple of months has quickly changed the oil market's tune.
That wave of data has already quietly fueled a new bull market in oil, which has taken several oil stocks off their lows. Because of this, an increasing number of industry prognosticators are revising their oil price forecasts upward, while others are starting to worry about the growing risks that could fuel a massive spike. If this renewed bullishness continues, oil stocks could go much higher.
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Source: Fool.com
