y.
"Estimates for the demand side are being revised downwards on an almost daily basis, while on the supply side there is still no sign of any reconciliation between Saudi Arabia and Russia" in their price war, Commerzbank said in a client note. However, US President Donald Trump held a phone call with his Russian counterpart Vladimir Putin where they discussed oil prices as US producers are reeling.
Major US indices jumped more than three percent as some analysts said investors may be adjusting to the situation. Polling from Morning Consult showed US consumer confidence remained "relatively stable" over the weekend after Trump signed a $2 trillion federal relief package.
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