Oil price rises: is this the end of the slump?
“The trend is strong and down… do not be wrong-footed by a correction higher…”
Aug 28, 2015: Brent in biggest one-day surge since December 2008 as pipelines closed down
Oil prices are continuing to rise after the market posted its biggest one-day surge for close to seven years, a recovery that comes off the back of a sharp decline earlier this week.
The Financial Times reports the international benchmark Brent crude jumped by more than 10 per cent, or $4.42, to settle at $47.56 a barrel on Thursday. On Friday morning it had fallen slightly in early trading and was hovering around $47.
This recovery had followed several days in which a renewed slump, which set in earlier in the summer, gathered pace. Prices hit a post-financial crisis low of close to $42 a barrel on Tuesday. Even now Brent is only back to where it was a week ago and at a level that remains punishing for producers in many regions. US crude settled at $42.86, another week-long high but relative low.
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