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Oil Prices Recover; Crude Rises Above $30
Tuesday, 17 March 2020 13:17 WIB | COMMODITY |BrentWTIMinyak

Oil prices rose in morning trade in Asia Tuesday, recovering from recent sharp losses due to the coronavirus outbreak and uncertainties surrounding the price war between Saudi Arabia and Russia.

U.S. Crude Oil WTI Futures rose 3.83% to $30.11 by 11:55 AM ET (03:55 GMT). International Brent Oil Futures gained 1.90% to $30.62. Oil prices plunged below $30 on Monday as U.S. stock markets suffered their worst losses in three decades.

Gains of the oil prices were limited today as more countries announced COVID-19 lockdowns. Airlines are cutting the number of daily flights amidst increasing numbers of countries announcing quarantines to fight the new coronavirus. Canada and Malaysia are the two most recent countries to restrict arrivals and close their borders. 

U.S. President Donald Trump said overnight that economic disruptions from the spread of the coronavirus and measures taken against it could lead to a recession.

Source : Investing.com

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