Brent Oil to Rebound After ‘Excessive’ Plunge, Commerzbank Says

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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