News Snapshot:
Oil rallies in Asia after overnight sell-off. Oil, along with commodities in general, was crushed in the overnight session as China-driven risk aversion fears swept markets. Brent crude fell by 1.45% to $74.20, and WTI fell by 2.05% to $70.40 a barrel. Sentiment has improved in Asia today though, with the commodity space rallying generally, as dip-buyers appear after yesterday’s sell-off. Brent crude and WTI have added 0.50% to $74.55 and $70.80 a barrel respectively. Although prices have recovered in Asia, I suspect that short-term sentiment remains fragile as it is elsewhere and is vulnerable to headline driven moves. A...
