Oil prices rebound

Oil1Oil prices rebounded Monday, mirroring sentiment across other markets, after pre-weekend losses caused by worries over the economic outlook for the US and China, the biggest consumers of energy.

US benchmark West Texas Intermediate for delivery in October rose 83 cents to $45.51 a barrel compared with Friday’s close.

Brent North Sea crude for November grew 81 cents to stand at $48.28 a barrel in early afternoon London trading.

“Equities are trading to the positive side both in Europe and China and give a positive back-drop to the oil market,” said SEB Markets commodities analyst Bjarne Schieldrop.

Prices had sunk Friday after the US Federal Reserve expressed doubts about the strength of the global economy as it held off from an interest rate hike.

The Federal Reserve held its key interest rate locked near zero Thursday, citing worries about how the slowdown in China will hit the US economy.

Trading in oil in currently volatile, with prices surging in the middle of last week on easing concerns over high US supplies.

Receive News Alerts on Whatsapp: +2348136370421

1 Comment
  • amador kester

    No amount of orchestration of an oil rebound hoopla should divert attention from a sustainable economic diversification symphony