Oil steady after Chinese rumors fuel surge
Oil prices are relatively flat, trading with some caution on Wednesday after another decent move higher the day before. The prospect of fewer restrictions in China is certainly a good reason for the move on Tuesday, assuming, of course, there’s any actual truth or substance to it.
Broadly speaking, though, it continues to trade around the middle of what appears to be the newly established range between $90 and $100, in the case of Brent. Should those rumors turn out to be well-founded and any changes significant, it will be interesting to see whether crude can test the upper end of this range.