“Oil extended its longest rally in 16 months, supported by risk-on sentiment in markets.”, — write: epravda.com.ua
Oil extended its longest rally in 16 months, supported by risk-on sentiment in markets. Bloomberg writes about it. Brent crude is trading around $77 a barrel after a six-day rally that pushed futures to their highest level since mid-October. West Texas Intermediate cost about 74 dollars. Both oil benchmarks rose above their 100-day moving averages last week, thanks in part to further U.S. inventory cuts.Advertisement: That pushed oil out of the narrow range it has traded in since mid-October and spurred algorithmic buying. The outlook for oil until the end of the year, however, remains uncertain. Expectations of oversupply, a possible resumption of idle OPEC+ output and weak demand from top importer China weigh on growing uncertainty as Donald Trump prepares to return to the White House this month. Read also: Trump plans to collapse oil prices. How realistic is it and how will it affect Russia?