Logo
Thursday, 02 April 2020
Logo
The News and Media Division of The Insight Partners
Thursday, 19 Mar 2020 08:00 pm

Oil surges up after 3 days plunge but coronavirus restraints gains

Brent crude LCOc1 was up 72 cents, or 3%, to $25.60 a barrel by 1225 GMT, after plunging to $24.52 on Wednesday, its lowest level since 2003.

newsImage
 

Oil prices rose nearly 3% on Thursday after a three-day selloff sparked by the spread of the coronavirus and a market share battle between Saudi Arabia and Russia drove them to their lowest in almost two decades.

Benchmark Brent, which has lost half its value in less than two weeks, got some respite as investors across financial markets assessed the impact of massive central bank stimulus measures.

Brent crude LCOc1 was up 72 cents, or 3%, to $25.60 a barrel by 1225 GMT, after plunging to $24.52 on Wednesday, its lowest level since 2003.

West Texas Intermediate (WTI) crude CLc1 gained $1.57, or 7.8%, to $21.94 after dropping nearly 25% in the previous session to an 18-year low.

But analysts said gains were likely to be temporary, as tumbling demand was compounded by the collapse this month of a deal between OPEC, Russia and others to curb supply.

Saudi Arabia, de facto leader of OPEC, has since kicked off a price war with Russia as it plans to increase supply to a record-high 12.3 million barrels per day (bpd) for months.

The drop in demand, particularly in transportation, is also leading to a rapidly growing glut in refined products such as jet fuel and gasoline.

Read here

Tags Oil Coronavirus Russia Saudi Arabia OPEC Oil Price war Finance

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

media@smartmarketnews.com | sales@smartmarketnews.com

Contact Us
Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
Follow Us:
© The News and Media Division of The Insight Partners 2019 | All Rights Reserved | Privacy Policy