(Bloomberg) — Oil was steady after two weeks of gains, buoyed by a risk-on tone in wider markets.
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Brent traded near $77 a barrel after a five-day rally that’s pushed futures to their highest in more than two months. West Texas Intermediate was around $74. Asian equities were primed to rise in major markets after Wall Street snapped a five-day losing streak.
Crude broke above a narrow range it had traded in since mid-October last week, although the outlook for the rest of the year remains uncertain. Expectations for oversupply, the possible revival of idled OPEC+ production and lackluster demand from top importer China are weighing against increased unpredictability as Donald Trump prepares to return to the White House later this month.
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