Oil Races Higher Amid Improving Sentiments For Risky Assets

11 Nov 2022 , 05:32 PM

Crude oil futures soared amid positive equities today, trimming some of the recent losses as risk sentiments improved and US dollar index tanked near two month low. Asian stock markets rallied after softer-than-expected U.S. inflation data. Chinese Shanghai Composite index jumped 1.69% while the Japanese Nikkei 225 index vaulted 3%. European shares gained though some losses were seen in UK equities on economic worries. Oil market is also hoping for a recovery in demand from China after the country lifted some of its stringent Covid norms today. WTI Crude oil futures are quoting at $88.52 per barrel, up 2.40% on the day. The market could see heavy volatility next week as traders brace for reports from IEA and OPEC.Powered by Commodity Insights