Oil rebounds as market seizes on discounted prices

Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil’s two-month low touched in the previous session.

Monday’s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. The oil market was also lower on news that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, had reached a deal to boost supply in coming months.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

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