Commodity News
HeadLine : Crude oil futures rise, but support seen weak
Date : Mar 24 2020
West Texas Intermediate (WTI) crude CLc1 futures for May delivery rose $0.67, or 2.9%, to $24.03, adding to gains on Monday. Brent LCOc1 futures for May delivery rose 52 cents, or 1.9%, to $27.55. The U.S. administration has appointed a special energy representative to Saudi Arabia, Victoria Coates, as part of a diplomatic push to stabilise energy markets, hammered by a price war between Saudi Arabia and Russia. Market is testing support following a more than 60% slide in oil prices since the start of the year due to the impact of the coronavirus on global demand and a market share war between Saudi Arabia and Russia set to bloat oil supply from April. 

Source : Reuters
News Archives: