After getting tired of losing Market share to American oil Russia and Saudia Arabie are dumping oil at prices the market hasn’t seen the lowest level since February 2002.
Brent crude was up $2.10, or 8%, at $26.98 a barrel by 0028 GMT after tumbling 13% on Wednesday in the third day of relentless selling.
U.S. oil gained $3.44, or 17%, to $23.81 a barrel after slumping nearly 25% in the previous session.
“After a 24% crash, oil prices are firming up on some selling exhaustion and as U.S. and European leaders unleash … aid and stimulus,” said Edward Moya, senior market analyst at OANDA in New York.
In the latest move by a central bank to try to halt the spiraling economic and financial crisis sparked by the coronavirus epidemic, the European Central Bank kicked off a 750 billion euro ($820 billion) emergency bond purchase scheme after an unscheduled meeting on Wednesday. – @ https://www.cnbc.com
The nightmare in the oil industry keeps getting worse. It’s now facing the weakest oil price since the first term of President George W. Bush.
Intensifying recession fears drove US oil prices down a staggering 24% Wednesday to $20.37 a barrel. That’s the lowest level since February 2002. @ https://www.cnn.com