Rebound in oil prices gives world stocks a lift in holiday trade
A rebound in oil prices on concerns of tight supply gave world stocks a lift on Monday in a session hit by a U.S. holiday.
Oil got a reprieve as lower output from the Organization of the Petroleum Exporting Countries (OPEC), unrest in Libya and sanctions on Russia outweighed fears of a global recession.
“Oil fundamentals remain supportive,” said Warren Patterson, head of commodity research at ING.
“Clearly OPEC is still struggling to hit its agreed output levels,”
Output from the 10 members of OPEC in June fell 100,000 barrels per day (bpd) to 28.52 million bpd, off their pledged increase of about 275,000 bpd, a Reuters survey showed on Friday.
