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Oil Jumps Nearly 5% on Fed Stimulus and Optimism Over Fiscal Package
Tuesday, 24 March 2020 19:34 WIB | ENERGY |Oil,BrentWTIMinyak

Oil futures saw strong gains Tuesday, with the U.S. benchmark extending a bounce off 18-year lows a day after the Federal Reserve unveiled a historic round of monetary stimulus and investors remained upbeat about prospects for a congressional approval of a massive fiscal stimulus package.

West Texas Intermediate crude for April delivery rose $1.09, or 4.7%, to $24.45 a barrel on the New York Mercantile Exchange. May Brent crude, the global benchmark, rose $1.08, or 3.7%, to $30.37 a barrel on ICE Europe.

The Federal Reserve on Monday announced it would purchase an unlimited amount of Treasurys and mortgage-backed securities to support the functioning of financial markets. Meanwhile, investors remained upbeat over prospects for congress to approve a large stimulus plan as lawmakers continue to wrangle over details.

But analysts questioned whether the bounce in oil prices will prove sustainable in the face of a massive global demand hit from the COVID-19 pandemic and a surge in crude supply due to a price war between Saudi Arabia and Russia.

Source : Marketwatch

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