Oil advances as stimulus optimism, expected oil reduction counter virus impact

03.03.2020 - Kulakov Vladimir
Oil advances as stimulus optimism, expected oil reduction counter virus impact

SEOUL- Oil prices soared for a second day on Tuesday as investors grew enthusiastic on expectations that central banks will implement financial stimulus to equalize the impact of coronavirus contagion. In line with this, markets grew upbeat on the hopes that OPEC will impose deeper output reduction.

Brent crude LCOc1 increased up to $1.48 a barrel, equivalent to 2.5%, and previously quoted at $53.18 per barrel at 0148 GMT. U.S. West Texas Intermediate (WTI) added $1.33, equivalent to 2.8%, and last stood at $48.07 per barrel.

Brent and WTI recuperated from a sharp 20% drop brought by signals that the coronavirus contagion heavily dragged oil demand. WTI gained a total of 7.9% while Brent contract increased up to 7.5% since Friday. The jump came to be the highest two-day increase of contracts after the decline of prices due to missile attacks on Saudi Arabian oil sites in September 2019.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue

Help with deposit?