Oil prices rebounded yesterday, leading a strong recovery across commodity markets after China's central bank pledged to maintain loose monetary policy.
Fears that China might clamp down on bank lending prompted a sell-off in the previous session. However, the combination of reassuring comments from China and renewed dollar weakness ignited a broad rally yesterday, highlighted by white sugar prices challenging multi-decade highs and iron ore reaching the $100-a-tonne mark.
In energy markets, European crude prices wiped out the previous session's losses and regained the $70 a barrel mark. ICE September Brent rose $3.50 to $70.03 after touching a high of $70.20 a barrel.
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