SEOUL, South Korea—Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the CCP virus outbreak cut fuel demand worldwide.
Brent crude was up by 43 cents, or 1.9 percent, at $23.19 a barrel by 0406 GMT, after closing on Monday at $22.76, its lowest finish since November 2002.
U.S. crude was up by $1.16, or 5.8 percent, at $21.26 a barrel, after settling in the earlier session at $20.09, lowest since February 2002.
Oil markets have faced a double whammy from the CCP virus outbreak and a price war between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March.
Trump and Putin agreed during a phone call to have their top energy officials discuss stabilizing oil markets, the Kremlin said on Monday.
“Oil prices are clawing back from a near 18-year low on hopes that oversupply concerns may finally see some relief,” said Edward Moya, senior market analyst at broker OANDA.
“Much of the focus has fallen on a key call between the Presidents of the United States and Russia.”
David Adams
Article URL : https://www.theepochtimes.com/oil-rebounds-from-18-year-lows-after-us-russia-agree-to-talks_3291983.html