The double-bottom that signals sharp upturn

IT'S not easy being an oil optimist when the price is sliding back towards $US40 a barrel, but when you line up the factors pointing to a significant future recovery Slugcatcher reckons the current weakness in the oil market will be a short-term blip.

Technically, oil entered a bear market last week, a condition reached when the price of any commodity drops by 20%, which is what oil has done since early June when Brent quality crude was trading at

  • FREE coverage on the rapidly developing coronavirus pandemic. Visit our COVID-19 hub.
  • Latest COVID-19 Coverage: Govt's COVID-19 Commission under scrutiny. Read more.
  • Latest COVID-19 Coverage: NT throws cash at oil and gas industry. Read more.