Brent Oil to Rebound After ‘Excessive’ Plunge, Commerzbank Says
By Grant Smith -
2012-09-20T09:25:55Z
Brent crude is set to rebound after an “excessive” 8 percent plunge this week, according to Commerzbank AG.
“We expect a counter-movement in the next few days,” Carsten Fritsch, an analyst based in Frankfurt, said in a report. The drop in Brent, trading at $107 a barrel in London today, appears over-done “given that other economic barometers such as equity markets and copper have defended their gains over the same period.”
To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net
To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net
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