Oil prices get bump from equities rebound

Oil recovered from the steepest one-day loss in almost two weeks as equities advanced, though further gains may be limited by a resurgence in coronavirus cases and new lockdown measures.

Crude futures rose 0.7% in both London and New York as stocks staged a modest comeback from Monday’s broad selloff. Although the global oil market will move into deficit in the fourth quarter on the back of OPEC+ supply cuts, prices will likely remain range-bound until there’s a recovery in distillate demand, including jet fuel, according to Bank of America Merrill Lynch.

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.

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