Brent crude hits two-week high!

• Brent crude surges to highest in 2 weeks
   
• Poised for biggest weekly gain since April
   
• Renewed risk appetite boosts global markets
   
• China's sluggish economy caps oil price gains

Brent crude oil has surged to its highest level in more than two weeks, positioning itself for its most significant weekly increase since April.
 

From a technical standpoint, Brent is currently encountering its 21-day moving average, which serves as a key point of immediate resistance.

The bullish sentiment among oil traders has been bolstered by the Federal Reserve's recent decision to implement a 50-basis-point rate cut, aimed at supporting demand.

Additionally, a renewed appetite for risk has swept through global financial markets following Chair Powell's demonstration of the Fed's considerable capacity to provide further assistance to the largest economy in the world.

A move that could potentially alleviate some level of concern regarding a recession in the United States.

Moreover, ongoing geopolitical tensions may offer short-term support for oil prices. Nevertheless, it is important to note that the potential for significant upward movement in oil prices is likely to be constrained as long as China's economic performance remains sluggish.