Wednesday, 13 April 2016

Stocks up, oil may have seen bottom

Stocks rose on Tuesday, helped by a rally in oil.

The S&P 500 rose 1.0 percent, the STOXX Europe 600 rose 0.5 percent and the Nikkei 225 rose 1.1 percent.

US crude-oil prices jumped 4.5 percent.

Indeed, some think that oil has seen a bottom.

“The down market is behind us,” Torbjorn Tornqvist, chief executive officer of Gunvor Group Ltd, said on Tuesday. “From here on the trend is up.”

Trafigura Group Pte CEO Jeremy Weir said: “I believe we’ve seen the bottom unless there is some sort of catastrophic situation, political or otherwise.”

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