Analysts warn gains may be temporary as demand continues to drop. FMTNews Oil Virus
SINGAPORE: Oil prices bounced 8% on Tuesday from the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus amid a price war between Russia and Saudi Arabia and as new virus cases slowed in China.
Both benchmarks plunged 25% on Monday, dropping to their lowest since February 2016 and recording their biggest one-day percentage declines since Jan 17, 1991, when oil prices fell at the outset of the US Gulf War. Asian shares bounced and bond yields rose from historic lows as speculation of coordinated stimulus from global central banks and governments calmed panic selling.
Crude was also supported by hopes for a settlement to the price war and potential US output cuts, although analysts warned gains may be temporary as oil demand continues to be hit by the economic impact of the coronavirus outbreak which has spread beyond China and caused Italy to be under lockdown.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crude oil price could crash to below US$30 per barrel in best case scenario: AnalystsKUALA LUMPUR: Analysts see a downside for Brent to go as low as US$30 per barrel following the fallout between Russia refusal join the Organization of the Petroleum Exporting Countries (OPEC) on Friday in a large production cut as the coronavirus continues to slow the global economy and, with it, demand for oil.
Read more »
China stocks join global sell-off on oil plunge, Covid-19 impact fearsSHANGHAI/Hong Kong: China stocks slumped on Monday, as fears over the economic impact of the global Covid-19 coronavirus epidemic were exacerbated by a crash in oil prices that battered financial markets around the world.
Read more »
Asia stocks plunge on virus fears, oil prices | The Malaysian InsightAsia stocks plunge on virus fears, oil prices
Read more »
Indian stocks suffer worst day in 4.5 years on virus panic, oil price crashOther South Asian markets and their currencies were also hit. FMTNews India Stock
Read more »
Oil crash sparks 'Black Monday' meltdown on virus-hit marketsMarkets are in pure hysteria mode, says an analyst. FMTNews Oil BlackMonday
Read more »
Oil down 20% after Saudi price cuts | The Malaysian InsightOpec and allies don’t have a deal to support energy markets.
Read more »