Brent oil prices are trading almost flat during early European trading, after gaining more 2.5% during the previous session. The gains came after the release of data on China’s oil demand, which surprised to the upside by showing a recovery to last February’s levels. At the same time, expectations regarding the end of the Fed’s monetary policy tightening cycle continue to gain traction amongst investors, supporting a scenario of increasing demand for oil in the United States.
With investors choosing to consider the optimistic scenario, of an increase in oil demand in the world’s two largest economies, there may be scope for further increases in the price of the barrel.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.