London : Oil prices resumed their downward spiral as profit-taking set in after recent strong gains won thanks to hopes of more central bank stimulus to prop up the global economy.
“The 20 per cent or so rally in oil prices from their… lows is certainly something that cannot be ignored and given how strongly oil and stock prices have been correlating lately this is also a positive development for equity markets,” said Gain Capital analyst Fawad Razaqzada. Around 1825 IST, Brent North Sea crude for delivery in March was down 73 cents at USD 31.45 a barrel. -AFP
