(Bloomberg) -- Oil advanced from a seven-month low as equities rebounded and the halting of production from Libya’s biggest field refocused attention on the ...
-- Oil advanced from a seven-month low as equities rebounded and the halting of production from Libya ’s biggest field refocused attention on the Middle East.Brent rose above $77 a barrel after tumbling more than 5% over the previous three sessions and West Texas Intermediate traded near $74, as Japanese stocks and US equity futures gained following a global rout on Monday.
“The $75 floor under Brent oil prices will withstand macro fears,” Goldman Sachs Group Inc analysts including Daan Struyven said in a note. The limited risk of a US recession, resilient oil demand in developed nations and India, and an increase in speculative positioning should support prices, they said.
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