LONDON: Stormy oil markets sent Brent prices crashing to their lowest since 1999 on Wednesday, though a stabilisation of some petrocurrencies and a bounce in European stocks gave investors something buoyant to cling to.
"There is nowhere to put the oil so it shouldn't come as any surprise to anyone that the front months are getting decimated," he said, though he said it should be a temporary situation. Italian shares gained 1.3per cent and the government's bond yield fell after Prime Minister Giuseppe Conte said Italy, one of the countries hit hardest by the pandemic, could start pulling out of strict stay-at-home orders from May 4.
"Brent is stable this morning ... this is also reflected then in the government bond market, in that we see spreads are stabilising and yields are slightly higher this morning."The five-year U.S. Treasuries yield also rose to 0.33per cent after hitting a record low of 0.3010per cent on Tuesday. The 10-year notes yield stood at 0.561per cent, near the lowest since March 9, when panic buying drove it to a record low.While a Reuters tally shows there have been more than 2.
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