World oil prices rallied more than two percent Monday as tensions escalated in the crude-rich Middle East one year after the deadly Hamas attacks on Israel.
European stock markets mostly rose after more big gains in Asia as China’s stimulus boost, a strengthening US economy and the outlook for interest rates in major economies outweighed geopolitical unrest.
– ‘Wild ride’ –
Brent North Sea crude, a benchmark oil contract, came close to surpassing $80 per barrel on Monday for the first time since late August.
Oil futures have experienced recent volatility, with Brent surging above $80 in the late northern hemisphere summer on Middle East tensions, before slumping under $70 last month on concerns about weak demand.
Beyond Middle East tensions, oil is also being supported by hopes of stronger Chinese demand after Beijing recently announced major stimulus measures to boost its flagging…
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