Oil Near Two-Month High as Stocks Open Higher
Oil steadied after two weeks of gains, boosted by risk-on sentiment in broader markets.
Brent traded near $77 a barrel after a five-day rally that pushed futures to their highest in more than two months. West Texas Intermediate was around $74. Asian equities were poised to rise in major markets after Wall Street snapped a five-day losing streak.
Crude broke out of the narrow range it has traded in since mid-October last week, though the outlook for the rest of the year remains uncertain. The prospect of a supply glut, a possible revival of stalled OPEC+ production and sluggish demand from top importer China are weighing on the rising uncertainty as Donald Trump prepares to return to the White House later this month.
Source: Bloomberg