Alexa

Oil rebounds as stocks surge

Oil rebounds as stocks surge

Oil prices inched above US$75 a barrel yesterday in Asia as investors set aside worries for now about the European debt crisis and focused on rising stock markets and improving economic data.
Benchmark crude for July delivery was up US$0.51 at US$75.06 a barrel at midmorning Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Thursday leapt US$3.04 to settle at US$74.55. Earlier this month crude prices were as high as US$87.15 a barrel, before they were dragged down by worries that Europe's debt crisis could undermine the global economic recovery.
The battered euro gained some strength against the dollar on Thursday. Oil is priced in dollars, so a stronger dollar makes it less appealing to holders of foreign currencies.
Some analysts think that oil was due to bounce back because it dropped so quickly. "Because the market was beaten down so fast it doesn't take that much to prop it up a little bit," PFGBest analyst Phil Flynn said.


Updated : 2021-04-17 04:38 GMT+08:00