ISLAMABAD (Kashmir English): International oil prices rebounded once again here on Monday. The Brent oil was at $93.50 a barrel. WTI prices were at around $90 a barrel. Murban oil was trading around $90 a barrel.
Asian markets saw gains in their opening. Increased buying interest started the week on a positive note. Other positive developments came from the KOSPI index in South Korea and the Nikkei of Japan. The market reacted positively to strong crude prices and mixed economic news internationally.
The geopolitical situation continued to affect the markets. There was no agreement on the Iran-US negotiations. The failure to reach an agreement made traders nervous.
Oil prices could increase further due to supply risks. Future economic data and economic policy decisions by large economies will affect the stock market. Traders remained focused on both markets due to current developments.
Traders followed changes in energy and supply from large oil-producing regions. They responded to the rise in crude prices.
Other market participants focused on supply and inventory data. It helped them determine the future direction of the oil prices.
In addition, the equity market remained sensitive to international news. They had to balance their risk as they reacted to inflationary fears as well as high energy prices.
The other factor that the investors considered was the message from the central banks concerning interest rates.
