Oil Prices Bounce Back After Major Selloff

Crude oil prices began the week with gains as traders took a break after the latest selloff and as a weather system in the Gulf of Mexico could become a hurricane before it makes landfall. In midmorning trade in Asia Brent crude had added over 1% from last Friday’s close and West Texas Intermediate was up by some 1.30% from last week. The benchmarks lost some 10% last week in a selloff that Bloomberg dubbed “brutal”. “Crude oil recorded its biggest weekly fall in 11 months amid a darkening economic backdrop. Weak jobs data…