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Oil rebounds intraday after hitting 18-year low in previous session

by ChemOrbis Editorial Team -
  • 31/03/2020 (09:40)
Global crude oil prices bounced off 18-year lows on Tuesday’s intraday sessions on reports that the US President Donald Trump and Russian President Vladimir Putin agreed to discuss stabilizing energy markets.

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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