Oil rises more than 2% due to slowing of Corona cases and US action against Venezuela
Economy News _ Baghdad
Oil prices rose more than 2% as concerns about the decline in demand eased due to the spread of the Coruna virus in China, while supplies were scarce as the United States moved to block more Venezuelan crude from the market.
Brent crude settlement price was set at 59.12 dollars a barrel, up 1.37 dollars, or 2.4 percent. And US crude closed at $ 53.29, up $ 1.24, or 2.4 percent.
Official data showed new cases of HIV infection in China declined for a second day, but the World Health Organization said there was insufficient data to find out if the epidemic was being contained.
US stocks hit new highs in anticipation of economic stimulus measures from China in the face of the repercussions of the virus.
"It looks like the oil market is trying to keep up with the stock market and bypass or ignore the Corona virus," said John Kildov, from Again Capital in New York.