An upturn in the oil sector has helped to lift trading performance in major markets across the globe today (18 February 2016).
By the late afternoon (3.29 pm GMT), US light crude values had risen by $1.01 to $31.67 per barrel in European trading, while Brent crude prices had surged by $0.85 per barrel from their position at the opening of markets this morning to reach $35.35.
With this latest uplift, markets around the world had shown increasing signs of positivity. Indeed, both the German DAX Index and French CAC 40 were up in Europe, while in their latest full trading sessions, the Hong Kong Hang Seng Index had gained 2.32% and the Japanese Nikkei Stock Average 225 was up by 2.28%.
However, it was not all positive news for traders, as Commerzbank analyst Carsten Fritsch told Reuters: "What we see still is extreme volatility. I would not be surprised to see prices retreating again by a big margin in coming days."
He warned that further losses could be witnessed unless this latest rally is supported by a lasting agreement to not only place a hold on further production rises in the coming months, but to also cut production volumes as a matter of urgency.
Failure to do so would result in little impact on the global supply glut at present, and it is this factor that continues to hold down values at their more than decade-low levels.