Oil bulls

• A barrel of West Texas Intermediate for February delivery was trading at $49.20 at 5:50 a.m., helping the commodity to its longest rally in almost 18 months.
• Once again, trade talks are one of the main drivers of the recovery in crude, while expectations that tomorrow’s U.S. stockpiles data will show a drawdown are helping push oil back towards $50 a barrel.
• Shipping data, meanwhile, shows OPEC is following through on its latest promise to reduce production.

(Source: Bloomberg)