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Oil futures rise after Fed launches new stimulus plans

by ChemOrbis Editorial Team -
  • 24/03/2020 (10:23)
Crude oil futures settled with a gain on Monday, fuelled by the US Federal Reserve’s new stimulus measures to offset the economic impact of the global coronavirus outbreak.

West Texas Intermediate (WTI) crude for May delivery increased 73 cents, or 3.2%, to settle at $23.36/barrel on the New York Mercantile Exchange (NYMEX) following a drop of $2.79 on Friday. Brent crude for May delivery tacked on 5 cents, or 0.2%, to settle at $27.03/barrel on ICE Futures Europe.

The slight rebound followed the Fed’s announcement of a new round of extensive measures on Monday. The US central bank said it would continue its asset purchasing program and unveiled a lending program worth $300 billion to support the flow of credit.

Central banks and governments across the globe have pledged several rounds fiscal and monetary measures to limit damage from the coronavirus pandemic and promote a swift recovery.
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