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YGRN - Weekly Energy Recap: Global Trade Outlook Improves
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Oil prices kept an upward momentum for the second week running, with Brent finishing at $61.54 per barrel and WTI advancing to $56.52.
Bullish sentiment returned to the market after the US and China agreed to hold trade talks in October that renewed hopes for a resolution to their dispute.
The Energy Industry Administration released a positive weekly inventory report. Strong drawdowns in US crude oil and gasoline inventories, and a dip in production eased fears of an imminent recession.
The EIA said that crude inventories dropped by 4.8 million barrels to 423 million barrels.