After its decline: Oil prices are experiencing a strong recovery

0
62


Duration / WASHINGTON: Oil prices witnessed a strong rebound in Asia’s trading on Tuesday, a day after falling to its lowest level in 18 years, with the decision makers ’steps to support the global economy affected by the emerging corona of investor confidence.

Texas Intermediate rose 7.3 percent to 21.5 dollars a barrel, while Brent International benchmark crude rose 3.3 percent to 23.5 dollars a barrel.

In New York, prices fell, on Monday, to their lowest levels since 2002, with West Texas Intermediate barrels falling below 20 dollars.

Oil markets retreated as world governments imposed complete isolation measures to prevent the virus from spreading, causing low demand for crude.

About two-fifths of the world’s population is now isolated in their homes, while the death toll from “Coved 19” has risen to more than 37,000, at a time when the epidemic is increasing dangerously in the United States.

But prices recorded a strong recovery on Tuesday, with investors taking advantage of falling prices to buy at low prices amid a focus on the measures revealed by the world’s governments to stimulate the global economy, including a trillion dollar package in the United States.

The markets also improved on the background of the contact that took place Monday between US President Donald Trump and his Russian counterpart, Vladimir Putin, where they discussed oil prices.

There have also been warnings that oil prices may fall further as the world’s reservoirs approach their full capacity.





LEAVE A REPLY

Please enter your comment!
Please enter your name here