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Oil prices bounce back after rough week in equities

Crude oil prices recovered lost ground in early Monday trading on expectations of strong global demand and a rebound in global stock markets.

Crude oil prices wiped out all of their yearly gains in the span of a few trading sessions in February as inflationary fears pushed investors into safe-haven assets and out of the stock market. U.S. markets posted record-setting declines last week, but by Monday the situation had eased somewhat.

China’s benchmark Shanghai Composite Index closed the day up 0.78 percent. Economists at the Organization of Petroleum Exporting Countries said the string of losses for crude oil prices was triggered by volatility in the global equity market and stronger-than-expected growth in U.S. crude oil production…


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Posted in: Daily News

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