Signs of a stabilisation in China’s giant economy and a soggy dollar helped oil markets cement their best run for more than three years on Friday, though stocks weren’t buoyed much after spending most of the week treading water. There was a late flurry of activity, mostly from emerging markets.
Europe’s bourses slowly shook off another groggy start, as had Wall Street futures which were limbering up for earnings from bulge-bracket banks JPMorgan and Wells Fargo. The Chinese data was a little mixed but the money supply numbers were a positive impulse overall, said TD Securities Senior Global Strategist James Rossiter.
We expect oil price to eventually move higher in Q2 as OPEC+ potentially runs the risk of over-tightening the market by maintaining its current course of action, Harry Tchilinguirian, strategist at BNP Paribas, told the Reuters Global Oil forum.