Oil prices had a strong session today after yesterdays rout as China’s central bank lowered their short term lending rate for the first time in 10 months. This increased hopes of growing fuel demand on the back of the rate cut as the post pandemic recovery in China has been slower then anticipated. “The market is showing a rebound from yesterday,” Phil Flynn, an analyst at Price Futures group, said. “It was overdone with doom and gloom on Monday.” Brent’s six-month backwardation, a market structure whereby shorter-dated futures trade above longer-dated ones, fell to its lowest since March at around $1.10, indicating faltering confidence that demand will exceed supply over the year. WTI traded up $2.30 or 3.4% to close at $69.42. Brent traded up $2.45 or 3.4% to close at $74.29.