Oil Prices Rally As Confidence In A Global Economic Rebound Grows

Oil prices extended Tuesday’s gains into Wednesday, rising by 1% in early European trade, as market sentiment turned bullish on hopes that China’s reopening would boost demand growth and major developed economies may avoid recessions. The U.S. benchmark, WTI Crude, was trading up by 0.95% at $81.00 as of 9:05 CET. Brent Crude, the international benchmark, was rising by 0.76% at $86.60, building on the gains from Tuesday, which saw the strongest settlement in Brent since early December.      On Tuesday, OPEC Secretary…