MCX Crude Oil Rocket 🚀 🚀 Paid Client’s Mint Money – Crude Bole Boom Boom 1800 To 1940 1st Target Done 😀😀
Crude Oil prices rose more than 10% on Thursday after a three-day sell off drove them to their lowest levels in almost two decades as demand plummeted due to the coronavirus and suppliessurged in a fight for marketshare between Russia and Saudi Arabia.
BenchmarkBrent, which has lost half its value in less than two weeks, was offered some respite as investors across financialmarkets assessed the impact of massive central bank stimulus.
Brent crude jumped $1.29, or 5.1%, to $26.16 perbarrel, after plunging to $24.52 on Wednesday, its lowest level since 2003.
U.S. crude gained $2.63, or 12.9%, to trade at $23.00 perbarrel, after dropping nearly 25% in the previoussession to an 18-year low.
But analysts said gains were likely to be temporary, as tumbling demand due to the coronavirus outbreak was compounded by the collapse this month of a deal on supply curbs between OPEC and other producers.
Saudi Arabia, the de factoleader of the Organization of the Petroleum Exporting Countries, which kicked off a price war with Russia that sent prices into tailspin, is planning to keeppumping at a record rate of 12.3 million barrels per day (bpd) for months.
“From April 1, about 4 million bpd could flood the markets, potentially pushingdown crude oil prices into the teens,” Jefferies said in a note. “Unless somebody intervenes, no oil producer benefits from the current environment.”
U.S. senators on Wednesday upped the pressure on Saudi Arabia and Russia to stop the price war and held talks with the kingdom’s envoy to Washington. They urged President DonaldTrump to impose an embargo on oil from the two countries.
Algeria’s energy minister said on Wednesday there were “positivesignals” from China, the world’s biggest crude importer, in its efforts to control the spread of the coronavirus.
But analysts have still been slashing growthforecasts for China, where the disease erupted, to the lowest levels in decades.
Meanwhile, the spread of the viruselsewhere is showing no sign of abating, with governments resorting to lockdowns in a bid to contain the disease, hammering economies and raising prospects for a global recession.
Central banks have moved to mitigate the spiraling economic and financialfallout from the epidemic, with the European Central Bank kicking off a 750 billion euro ($820 billion) emergency bond purchase scheme after an unscheduled meeting on Wednesday.
