Crude rises as traders eye bottom following steep prior-session falls

摘要

Crude futures settled higher on Sept. 8 as traders returned to the market eyeing a near-term price floor following a steep selloff the session prior. NYMEX front-month October WTI settled $1.60 higher at $83.54/b, while front-month ICE November Brent climbed $1.15 on the day to $89.15/b. “The crude demand destruction driven oil price collapse might have found a floor,” OANDA senior market analyst Ed Moya said in a note. “Energy traders have mostly priced in the Chinese COVID shutdowns and demand concerns from aggressive tightening signals by the [European Central Bank] and [the US Federal Reserve].”