Oil rebounds intraday after hitting 18-year low in previous session
On Monday, Brent crude oil for May delivery fell $2.17 to $22.76/barrel on ICE Futures Europe, marking its lowest level since November 2002.The US benchmark, West Texas Intermediate (WTI) crude for May delivery, fell $1.42 to settle at $20.09/ton on NYMEX, the lowest finish since February 2002.
However, Brent crude increased by 43 cents to $23.19/barrel and the US crude jumped by $1.16 to $21.26/barrel on Tuesday’s intraday sessions, following the reports that Trump and Putin agreed to talks to stabilize energy markets.
Oil markets have been under severe downward pressure due to a combination of a drop in demand amid coronavirus concerns and the oil price war between Saudi Arabia and Russia. The price war kicked off with an historical collapse on March 8, following a break-up in dialogue between Saudi Arabia-led OPEC and Russia over production cut plans.
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