Oil ends 6-day decline, rebounds in Asia

Oil prices on both sides of the Atlantic staged a minor-rebound after last week’s sharp falls, underpinned by bargain-hunting and reports of an earthquake struck near Cushing, Oklahoma.

Oil: US election in focus

Currently, both crude benchmarks almost 1% higher, with Brent flirting with $ 46 while WTI hovers around $ 45.50 mark. Oil prices stalled its recent losing streak and rallied this Monday, mainly driven by risk-on market profile after the FBI cleared Clinton of all the emails, noting no criminality.

Moreover, lower-level buying in oil after 6-days of heavy declines cannot be ruled out as one of the factors leading to today’s rebound. Additionally, latest reports of an earthquake occurred just 3km away from Cushing, Oklahoma, also offered some support to the black gold. This is one of the largest recorded earthquakes for this area. 

 However, it remains to be seen whether the commodity sustains the recovery as sentiment remains fragile amid uncertainty over OPEC output cut deal. Also, US election-related news flow and upcoming weekly stockpiles reports also add to the volatility around oil prices.

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