Stocks regained ground following a selloff earlier this week on worries over dislocations in the oil market. The Senate has given the latest US stimulus measures, the green light. Another factor contributing to the more positive sentiment: loosening of lockdown restrictions in some parts of the world amid signs that the slowing spread of the COVID-19.
Oil Moves Higher
But the feel-good story of the day has to be the fact prices are stabilizing. With the market warming up to the idea of the US congress painting the energy ticker-tape green with a thick coat of proration, oil prices are ripping higher into the London open. And a plethora of cross-assets including , , and oil majors are hitching a ride on WTI’s coattails as is now zeroing in the psychological 2800 level. But probably rational to temper expectations as it’s going to take more than a celestial alignment to get WTI above $20 this month.
You can almost sense a sigh of…