Oil halts three-day slump but virus outbreak, oversupply still weigh - Reuters

Oil halts three-day slump but virus outbreak, oversupply still weigh - Reuters:

Oil prices rose nearly 10% on Thursday after a three-day selloff drove them to their lowest levels in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.

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

Brent crude LCOc1 jumped $2.29, or 9.2%, at $27.16 a barrel by 0831 GMT, after plunging to $24.52 on Wednesday, its lowest level since 2003.

U.S. crude CLc1 gained $3.20, or 15.7%, to $23.52 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 due to the coronavirus outbreak was compounded by the collapse this month of a deal on supply curbs between OPEC and other producers.