WTI crude oil for December delivery jumped to 91.88, the highest level in more than 2 months, before settling at 91.27, up +4.43% as driven by the bullish market sentiment. Investors remained thrilled on anticipation that EU leaders will announce substantial and durable solution for the sovereign debt crisis. While the outcome will be announced on October 26, we believe this factor has fully been priced in. As far as macroeconomic data is concerned, although it has taken a backseat in recent days, preliminary PMI showed that China’s manufacturing sector expanded for the first time in 4 months.
Read the original:
Oil Surged to 2-Month HIgh, EU Measures Probably Priced In
Leave a Reply
You must be logged in to post a comment.