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[size=36]Oil is stable amid concern over low demand[/size]
Economy | 09:02 - 25/03/2020
Follow-up - Mawazine News
Oil prices rose modestly on Tuesday, but closed below the session highs, as persistent concerns over the heavy fallout from the Corona Virus pandemic prevailed on demand, casting a shadow over hopes for a prospective US economic support package of $ 2 trillion.
India, the world's third largest oil consumer, has ordered its 1.3 billion people to go to their homes for three weeks on Tuesday, becoming the latest major fuel consumer to announce restrictions on the movement of individuals such as those that have affected the demand for gasoline and jet fuel around the world.
The oil market received a double shock. The sudden price war between Saudi Arabia and Russia has unleashed a torrent of supply as the viral pandemic heads to reduce fuel demand by at least ten percent globally.
Brent crude futures rose 12 cents, or 0.4 percent, to settle the settlement price at $ 27.15 a barrel. US West Texas Intermediate crude rose 65 cents, or 2.8 percent, to close at $ 24.01.
Said Edward Moya, chief market analyst at the Luanda in New York, "No one knows the extent to which the world will depend .. impossible is likely that oil prices continue to the path of stability."
Earlier in the session was both Brent and West Texas , more than five high percent. Meanwhile, US gasoline contracts rose more than 30 percent during Tuesday, but closed up about eight percent.
India, the world's third largest oil consumer, has ordered its 1.3 billion people to go to their homes for three weeks on Tuesday, becoming the latest major fuel consumer to announce restrictions on the movement of individuals such as those that have affected the demand for gasoline and jet fuel around the world.
The oil market received a double shock. The sudden price war between Saudi Arabia and Russia has unleashed a torrent of supply as the viral pandemic heads to reduce fuel demand by at least ten percent globally.
Brent crude futures rose 12 cents, or 0.4 percent, to settle the settlement price at $ 27.15 a barrel. US West Texas Intermediate crude rose 65 cents, or 2.8 percent, to close at $ 24.01.
Said Edward Moya, chief market analyst at the Luanda in New York, "No one knows the extent to which the world will depend .. impossible is likely that oil prices continue to the path of stability."
Earlier in the session was both Brent and West Texas , more than five high percent. Meanwhile, US gasoline contracts rose more than 30 percent during Tuesday, but closed up about eight percent.
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