Market Snapshot – Oil Prices Move to 2015 Highs, Bitcoin RecoversOil prices have moved higher on the back of a blast near a major refinery in Libya which has raised fears of supply disruption.
Oil Moves to Highs
With not much of things going around in the markets over the last week or so, even the smallest of moves have been getting a lot of attention over the last few days. It is a holiday period in most parts of the world and a lot of traders are no longer at their desks and it is likely that they will be returning back to full fledged trading only during the second week of January. But the oil bulls have chosen this specific period of time to make a dent to the confidence of the bears as the oil prices continued to move higher and challenged the $60 region for a brief while. We have been saying that it was only going to be a matter of time before this region is reached and breached and the oil bulls also seem to agree. The blast near a major refinery in Libya has led to fears of disruption in the demand for oil and this has led the prices higher.
Bitcoin Stages Smart Recovery
Bitcoin rage continues to dominate the market as the prices have staged a smart recovery from its lows. It now trades just below the $16,000 region after rising by around 30% from its lows from last week. The recovery is expected to continue, albeit in a slow manner as we head towards the end of the year and a period of low liquidity and high volatility.