Oil bounces early Tuesday, taking back a portion of the ground lost in a Monday rout that sent the global crude benchmark to its lowest close since December...
Oil futures bounced early Tuesday, finding support after China’s central bank on Tuesday cut a key policy interest rate.
Price actionMarket drivers Demand from China has been... Oil futures bounced early Tuesday, finding support after China’s central bank on Tuesday cut a key policy interest rate. Price action Market drivers Demand from China has been a key concern for oil traders. Disappointment in the rebound in demand following the country’s lifting of COVID curbs late last year has been cited as a factor in crude price weakness this year.
“Oil prices are bouncing on the PBOC policy ‘giddy up’ as traders expect even more easing measures to be announced,” said Stephen Innes, managing director at SPI Asset Management, in emailed comments.
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