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Oil prices jump US$1 as sharp falls draw investors, bargain buyers

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[SINGAPORE] Oil rose more than US$1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market. Read more at The Business Times.

"But those storage facilities are rapidly filling. If storage does fill, quashing that demand, oil prices are sure to collapse further, and the global markets will then have to hope that the dispute between Saudi Arabia and Russia is resolved before we reach that point of no return," Mr Innes said.

Saudi Aramco has said it would likely carry over its planned higher oil output for April into May, and that it was"very comfortable" with an oil price of US$30 a barrel. Countries including the US and Canada, and nations in Europe and Asia, are taking unprecedented steps to contain the virus, severely crippling demand for crude and refined products including gasoline and jet fuel.

 

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