Daily market commentary: Brent oil prices rebound

Oil

Brent oil prices rebounded during early Tuesday trading, gaining more than 4% as the European session got underway. The price of the barrel found support in the markets, amidst rising hopes that China will rethink its approach to dealing with Covid, after it was announced that vaccination for the over 80’s is to be accelerated. The announcement follows unprecedented street protests against president Xi, and is the first indication that Beijing may be considering a relaxation of its draconian Covid-control policies.

Daily Market Commentary

The prospect of a return to normality, in an economy that is the world’s largest oil importer, was enough to make oil prices jump, in the first significant price rebound of the last two weeks.

Ricardo Evangelista – Senior Analyst, ActivTrades

Stocks traded mixed but with less volatility in Europe on Friday, read more…


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

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