Crude oil is rallying again

Crude oil is rallying again to start the week.

In early trade on Monday, the price of West Texas Intermediate crude oil was up more than 2% to around $49.30 a barrel, while Brent crude was up more than 2.5% to north of $54 a barrel.

The move reverses early losses suffered by crude shortly after the futures market re-opened on Sunday night, but marks the continuation of huge gains seen by the commodity on Friday.

On Friday, WTI gained more than 8% while the latest data from oil driller Baker Hughes showed that the number of US oil rigs in operation continues to collapse.

With its most recent move higher, Brent crude is up more than 20% from its lowest point, which as the Financial Times notes, means that technically Brent crude is in a bull market.

Of course, 8 months ago oil prices were more than double where they are today.

All the same.

Here are the charts.

WTI.

And Brent.