Brent crude rises after coronavirus drags it to lowest since 1999 - Reuters

Brent crude rises after coronavirus drags it to lowest since 1999 - Reuters:

Brent crude oil sank below $16 a barrel to its lowest since 1999 on Wednesday, before recovering slightly on the prospect of extra pledges to cut output in addition to a pact by major producers to limit supplies.

International benchmark Brent crude LCOc1, which fell 24% in the previous session, touched $15.98 a barrel on Wednesday, hitting its lowest since June 1999. By 1225 GMT, it had recovered to $21.16, up $1.83 or 9.5%.

U.S. West Texas Intermediate CLc1 was up $2.26 or 20%, at $13.83.

Analysts said the price levels were now so low they would a big impact the amount of oil companies could produce without facing deep losses.