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Oil prices rebound sharply on improved sentiment

by ChemOrbis Editorial Team -
  • 06/10/2020 (09:14)
Energy markets have started the new week with visible increases ahead of the news that US President Donald Trump was discharged from hospital soon after he had been tested positive for the coronavirus a few days ago.

The fact that a progress was being made on the talks regarding the $1.5 trillion US stimulus fueled the optimism that spread around the energy and commodity markets.

Meanwhile in Norway, worker’s ongoing strikes at Equinor’s six offshore oil fields were reportedly extended, leading to shutdown of the fields. This added to the upward pressure on energy markets further.

Consequently, West Texas Intermediate crude for November delivery jumped $2.17, or 5.9%, to settle at $39.22/barrel on Monday. Brent crude futures for December delivery also surged by $2.02, or 5.1%, to settle at $41.29/barrel.

The pace of gains seems to have decelerated at the time of writing, with crude oil futures trading around 0.50% higher from their latest closing levels.
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