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Oil slightly recovers on hopes for renewed OPEC talks

by ChemOrbis Editorial Team -
  • 11/03/2020 (09:35)
On Tuesday, crude oil prices settled 8-10% higher, rebounding from Monday’s historic fall amid hopes for renewed OPEC+ production cut talks and stimulus measures taken by several countries to deal with the effects of COVID-19.

These factors have created a positive sentiment across global energy markets, paving the way for a recovery in oil prices. Prices plunged nearly 30% earlier on Monday following the news that proposed OPEC+ deal fell apart amid Russia’s reluctance to participate.

U.S. West Texas Intermediate futures surged 10.38% or $3.23 to settle at $34.36/barrel on Tuesday, while ICE Brent crude settled at $37.22/barrel, up $2.86 or 8.3% on a daily basis.
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