Reported 2 months ago
Oil prices rebounded from a seven-month low, closing above $73 a barrel as equities led a recovery in risk assets. After a sharp decline of over 6% across several sessions, the market responded to warning signs of oversold futures, driven by a recovery in the S&P 500. Factors such as potential supply disruptions from Libya and ongoing tensions in the Middle East continue to influence trader sentiment. Despite recent price drops attributed to weak demand signals from the U.S. and China, there are expectations for future stability as traders look toward upcoming reports on U.S. crude inventories.
Source: YAHOO