Oil prices rebounded strongly in Asian trade Tuesday a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy.
US benchmark West Texas Intermediate jumped 7.3 percent to $21.5 a barrel while Brent crude, the international benchmark, was up 3.3 percent at $23.5 a barrel.
In New York on Monday, prices struck their lowest levels since 2002, with WTI briefly falling below $20.
Oil markets have plunged as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity.
About two-fifths of the globe's population have now been confined to their homes, while the death toll has soared over 37,000, with the US suffering a serious and escalating outbreak.
But prices rebounded strongly Tuesday as investors bought at bargain prices and focused on stimulus measures rolled out by governments worldwide to support the virus-ravaged global economy, including a $2-trillion package in the US.
Markets were also buoyed by a phone call Monday between US President Donald Trump and Russian counterpart Vladimir Putin where they discussed oil prices.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}