Commodities
Oil Rebounds From Rout as Risk-On Sentiment Lifts Markets
- WTI rises alongside equities to trade above $73 a barrel
- Selloff pushed oil to oversold levels, lowest since January
This article is for subscribers only.
Oil bounced back from a seven-month low as equities led risk assets in a recovery from a global market selloff.
West Texas Intermediate edged higher to settle above $73 a barrel, its first daily gain after tumbling more than 6% over three straight losing sessions. As prices neared the lowest levels this year, traders received multiple warning signs that futures were oversold. Still, it was only when the S&P 500 recovered in New York trading hours that was crude able to recoup its losses.