Oil recovers from 15-month low
Oil prices recorded an increase exceeding 2 percent, right after hitting their lowest since December 2021 on Monday.
Brent crude is at $76.18 a barrel with a descending direction at 7:32 AM EDT (1:32 PM CLT), while U.S. West Texas Intermediate (WTI) closed at $70.28, also with a descending direction.
Fiona Cincotta, Senior Financial Markets Analyst at City Index explained to Reuters that “Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now.”
CEO of energy trader Gunvor, Torbjorn Tornqvist predicted oil prices will further increase towards the end of the year. Tornqvist traced it back to rising Chinese demand tightening the market even more.