Oil rises after 18-year lows prompt U.S.-Russia talks plan - Reuters:
Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilising energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.
Brent crude LCOc1 was up by 61 cents, or 2.7%, at $23.37 a barrel by 0833 GMT, after closing on Monday at $22.76, its lowest finish since November 2002.
U.S. crude Clc1 was up by $1.04, or 5.2%, at $21.13 a barrel, after settling in the previous session at $20.09, its lowest since February 2002.
Oil markets have faced a double whammy from the coronavirus outbreak and a race to win market share between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March.
No comments:
Post a Comment