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Oil Continues Bounce From 20-Year Low as Governments Roll Out Stimulus Measures
Friday, 20 March 2020 19:52 WIB | ENERGY |Oil,BrentWTIMinyak

Oil futures rose again Friday, looking to extend a bounce off 20-year lows that saw the U.S. benchmark a day earlier log its largest one-day percentage rise on record as governments and central banks move to provide fiscal and monetary policy stimulus in response to the COVID-19 pandemic.

West Texas Intermediate crude for April delivery on Comex rose 76 cents, or 2.9%, to $76.66 a barrel on the New York Mercantile Exchange, while May Brent crude was up 87 cents, or 3.1%, at 29.34 a barrel.

Oil ended its free fall Thursday with a bounce but remains on track for big weekly losses sparked by the global demand hit from the pandemic and compounded by a price war between Saudi Arabia and Russia that will further flood an oversupplied market with more crude.

The bounce appeared to be sparked by a number of positive developments, wrote analysts at JBC Energy, a Vienna-based consulting firm, including central bank stimulus measures and progress on fiscal stimulus packages by the U.S. and other governments. Also, President Donald Trump indicated he may intervene in the Russia-Saudi price war.

Source : Marketwatch

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