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Oil At 2 Week High On Coronavirus Optimism and Rosneft Sanctions
Crude is rebounding on Wednesday, paring losses after two sessions of declines, however the losses at the start of the week were just a slight blip in an otherwise bullish charge. Crude oil as rallied 1.4% so far this week, extending gains on 3.4% in the previous week. Oil is on the rise amid broad optimism that the hit from coronavirus will be short lived and amid supply concerns as the US moved to cut more Venezuelan crude from the market. Coronavirus Chinese manufacturers are starting to slowly ramp up again after strict lock downs and restrictions to prevent the spread of the deadly virus. However, as the number ... (full story)