Brent crude oil prices rebounded just above their 200-day moving average after touching their lowest level since late August earlier in the week, according to a Brown Brothers Harriman analysis by Elias Haddad. The 200-day average sits at $94.36 a barrel, while Brent had fallen to $89.16 on Tuesday.
The move came alongside a stronger US dollar and higher US yields.
Equities mixed as chip concerns grow
Equity markets are mixed, Haddad said. Concerns over Nvidia’s leadership turmoil are weighing on broader risk sentiment.
Haddad said the turmoil is raising worries about disruption to the wider AI industry. He also pointed to the risk of tighter US chip export curbs on China.
Oil’s recovery under pressure from several sides
Brent’s bounce leaves prices sitting only just above the long-run average.
