Markets are trading north courtesy of the Biden-Xi virtual summit which seems to have somewhat defused U.S.-China tensions, market participants view such a summit as a positive effort to stabilise a tense relationship, fuelling risk-on mode appetite.

Stephane Ekolo

This agreement needs the nod from other OPEC and non OPEC nations, which seems unlikely, therefore market participants turned again cautious and risk-off sentiment is back on again.