Oil Rollercoaster Has Crude Rebounding After Drop to 18-Year Low - Bloomberg:
Oil rebounded after plunging to the lowest level in 18 years as investors weigh efforts by policy makers across the globe to strengthen economies against the impact of the coronavirus pandemic.
Futures rose as much as 18% in New York, the most since December 2008, following a 24% rout in the previous session. Oil has been hammered by the dual shocks of collapsing demand and an impending supply flood, but prices are getting some relief along with other markets from stimulus measures.
The European Central Bank has unleashed an emergency bond-buying program, while the U.S. Senate cleared the second major bill responding to the outbreak. White House economic adviser Larry Kudlow said the government might take equity positions as part of corporate rescues.
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