Rolling coverage of the latest economic and financial news
- Latest: Bank of England governor says UK in very difficult period
- Brent crude back at $56/barrel on recovery hopes
- Bitcoin back over $36,000, after falling near $30,000 yesterday
- China’s CSI 300 hits 13-year high
- Bitcoin: be prepared to lose all your money, FCA warns consumers
Oil’s rally is being driven by Saudi Arabia’s pledge last week to cut its crude output in February and March.
This production cut pledge is protecting prices during the ongoing travel restrictions and lockdowns, which are likely to weigh on demand.
Saudi Arabia in particular is ensuring through its additional voluntary production cuts that the market is undersupplied if anything.
Oil is strengthening further, with Brent crude now up 1.5% at $56.50 per barrel, its highest level since last February.
Bitcoin’s holding most of its earlier gains, too, up 5.8% today at around $35,900.