November WTI crude oil climbed back above $70 a barrel on Friday October 17 to hit $73.39 on Nymex as global equities rallied, checking a steep decline over the past few weeks.
December Brent crude closed on ICE at $71.36.
The steep fall in oil prices in recent days has produced mixed reactions in the market. Although bad for bullish investors, it ought to reduce inflation risk and therefore incentivise central banks to cut interest rates and stimulate growth.
But will Opec’s emergency meeting next week cause oil prices to rise in this highly unpredictable market? Or are different factors having a more significant...