Oil prices rose nearly 10% on Thursday after a three-day selloff drove them to t...
LONDON - Oil prices rose nearly 10% on Thursday after a three-day selloff drove them to their lowest levels in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.
U.S. crude CLc1 gained $3.20, or 15.7%, to $23.52 after dropping nearly 25% in the previous session to an 18-year low. U.S. senators on Wednesday upped the pressure on Saudi Arabia and Russia to stop the price war and held talks with the kingdom’s envoy to Washington. They urged President Donald Trump to impose an embargo on oil from the two countries.
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford
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