Oil prices recover ground after market turmoil fuels price plunge

Oil prices found some respite on Wednesday as U.S. oil futures rose more than 20per cent and Brent prices steadied after a two-day price plunge, as markets struggle with a massive crude glut amid the coronavirus outbreak.

After falling into negative territory for the first time in history amid record trading volumes, U.S. crude futures rose 20per cent as contracts for May delivery expired and the June contract became the front month.West Texas Intermediate was up US$2.05, or 18per cent, at US$13.62 a barrel by 0034 GMT.

"Global markets are struggling mightily with a temporary but overwhelming demand drop due to the coronavirus pandemic," said Stephen Innes, global markets strategist at AxiCorp, warning that prices could tumble further as storage fills up.

I reiterate, oilandgas is here to stay for at least 2 decades more before renewable energy takes over! So stay invested! And, do believe in the most brilliant brains serving the industry

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Brent oil futures plunge as growing glut feeds market panic[NEW YORK] Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel. Read more at The Business Times.
مصدر: BusinessTimes - 🏆 15. / 51 اقرأ أكثر »

S&P 500, Dow dip on oil price crash, earnings anxietyThe S&P 500 and the Dow Jones headed lower on Monday following a strong two-week rally as oil prices crashed and investors grew cautious at the ...
مصدر: ChannelNewsAsia - 🏆 6. / 66 اقرأ أكثر »

Futures slide as oil price slump hammers energy stocksU.S. stock index futures fell on Monday as a slump in oil prices pounded energy stocks, with investors also bracing for another batch of dour ...
مصدر: ChannelNewsAsia - 🏆 6. / 66 اقرأ أكثر »