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image: REUTERS/Shannon Stapleton

Oil set for the longest winning streak in 30 years as traders bask in improved US-China sentiment

January 11, 2019

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The wobbles in stock markets have been grabbing all the attention lately, but meanwhile, oil is enjoying a stunning rally into the new year.

Oil traders are factoring in an improvement in US-China trade relations and continued efforts by OPEC and others to stabilize the market after a brutal end to last year.

Brent crude futures are now trading up for their 10th consecutive day, which would mark its best performance since the introduction of futures contracts in June 1988. This week’s performance has seen Brent rise 8.4%, its best weekly gains for over two years as improved sentiment boosts the commodity’s performance.

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