Oil futures rise after Fed launches new stimulus plans
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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