Oil futures finished higher Wednesday, with U.S. prices reclaiming less than half of the more than 7% drop suffered in the previous session as worries over the demand outlook, driven by the pandemic, continued to limit crude’s upside potential.
“The bounce in oil prices reflects the market recovering from the oversold positions” Tuesday, said Manish Raj, chief financial officer at Velandera Energy, “As the flurry of panic-stricken traders was absorbed,” the market was balanced today, leading to a rebound.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.