SEOUL- Oil prices soared for a second day on Tuesday as investors grew enthusiastic on expectations that central banks will implement financial stimulus to equalize the impact of coronavirus contagion. In line with this, markets grew upbeat on the hopes that OPEC will impose deeper output reduction.
Brent crude LCOc1 increased up to $1.48 a barrel, equivalent to 2.5%, and previously quoted at $53.18 per barrel at 0148 GMT. U.S. West Texas Intermediate (WTI) added $1.33, equivalent to 2.8%, and last stood at $48.07 per barrel.
Brent and WTI recuperated from a sharp 20% drop brought by signals that the coronavirus contagion heavily dragged oil demand. WTI gained a total of 7.9% while Brent contract increased up to 7.5% since Friday. The jump came to be the highest two-day increase of contracts after the decline of prices due to missile attacks on Saudi Arabian oil sites in September 2019.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...