While stocks continue to weaken, oil prices have surged as the final day of trading in Q1 continues to see heightened volatility, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stock rout continues across global markets
It is proving to be a very gloomy start to the final day of Q1 trading, as Friday’s selling continues into the new week. While there has been some buying at the lows, the nearness of the 2 April tariff announcement means that even the most enthusiastic bargain hunters may opt to do nothing for the time being.
Oil surges to a five-week high
Oil prices seemed set to join in the risk-off mood today, but have made a dramatic turnaround thanks to indications of more solid US demand, and president Trump’s rhetoric about imposing sanctions on Russian oil. Of course, higher oil prices won’t help the deflation argument, and if the US does ultimately follow through with action against Iran much of the weakness in crude since the beginning of the year will be unwound.
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