Commodity News
HeadLine : Crude rises after U.S., Russia agree to oil market talks
Date : Mar 31 2020
Oil recovered some ground on Tuesday as U.S. President Donald Trump and Russian President Vladimir Putin agreed to discuss stabilizing energy markets, but prices remain near 18-year lows as the coronavirus shutdown destroys demand. Brent crude (LCOc1) was up by 19 cents, or 0.8%, at $22.95 a barrel by 0051 GMT, after closing at $22.76 in the previous session, the lowest close since November 2002. U.S. crude (Clc1) was up by 59 cents, or 2.9%, at $20.68 a barrel, after settling down at $20.09, the lowest close since February 2002. Oil markets have faced a double whammy from the coronavirus 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. U.S. President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials discuss stabilizing oil markets, the Kremlin said on Monday. President Trump called President Putin to discuss oil. Presumably, in an attempt to get Russia to pull up a chair to the negotiating table with Saudi Arabia or maybe even loosening sanctions on Russia.

Source: Investing.com
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