Commodity News
HeadLine : Oil rises as broader markets gain on hopes for more stimulus
Date : Mar 27 2020
After tumbling for the past four weeks, Brent crude LCOc1 was up 50 cents, or nearly 2%, at $26.84 a barrel, and on track to end the week steady or only slightly lower. U.S. crude Clc1 was up 60 cents, or 2.7%, at $23.20, and is heading for a weekly gain of about 3%. Both contracts are down about 60% so far this year. Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and "do whatever it takes to overcome the pandemic." United States has now passed China and Italy as the country with the most coronavirus cases, according to a Reuters tally, as the country faced a surge in hospitalizations and looming shortages in supplies, staff and sick beds. U.S. is the most consequential oil demand region in the world and real-time GPS data suggests an 82% drop in congestion in major U.S. cities", Capital Economics said in a note. 

Source : Investing
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