Oil up for a second consecutive session
WTI crude oil is seen extending its rebound for second straight session, from a multi-week through level of $45.81 touched last week and now seems to be heading back towards $49.00 handle. Receding worries of a Brexit is denting the US Dollar’s safe-haven demand, thus benefiting dollar-denominated commodities like oil. A dramatic shift towards a more supportive stance for the ‘Remain’ camp is seen as a reaction to last Thursday’s tragic murder of a pro-EU MP Jo Cox.
Last week, the black gold continued with its reversal from its highest level since July 2015 before finding renewed buying interest on Friday after the OPEC Secretary General, Mohammed Sanusi Barkindo, hinted towards calling for an emergency meeting of member countries to discuss production cut / freeze in order to restrict sharp decline in crude oil prices.
Euro is currently being traded few points above 1.1320 level, Sterling is around 1.47 handle, while Aussie is at 0.7460 area.
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