Stock market recovery lifts oil prices

Oil prices have risen by 4% this morning. Brent is trading at nearly $45 per barrel again, while WTI is back above the $40 per barrel mark. The recovery is doubtless attributable first and foremost to the sharply rising equity markets, which have caused risk aversion to diminish. There has been no oil market news to drive up prices, on the other hand. In fact, oil prices actually came under pressure yesterday afternoon following publication of the US inventory data, despite US crude oil stocks declining by 5.5 million barrels last week, notes Commerzbank.