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The price of crude is now within striking distance of $50 a barrel as falling stockpiles and chatter of an OPEC output cap fuel at an impressive 15 percent turnaround so far this August. But if history is any guide, the rally is likely to run out of steam soon.
According to Kensho, a tool used to analyze historical market action, WTI has settled above the $50 threshold 10 times since the start of 2015.