Yesterday’s vote of confidence in the euro by China which triggered a return of optimism in the markets, appears to be extending into a second day. Oil was just one beneficiary of the bounce back, reaching $75.21 a barrel in electronic trading on the New York Mercantile Exchange.
According to analyst Phil Flynn, “the market was beaten down so fast it doesn’t take that much to prop it up a little bit”, suggesting we could see crude prices continue to climb.
Source: Associated Press
