Oil Jumps After Three-Day Slump But Virus and Oversupply Still Weigh
Thursday, 19 March 2020 18:53 WIB | ENERGY |Oil,Minyak MentahBrentWTIMinyak

Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.

Brent crude jumped $1.43, or 5.75%, to $26.33 a barrel by 10:45 GMT, after plunging to $24.52 on Wednesday, its lowest level since 2003.U.S. crude WTI gained $2.40, or 11.8%, to $22.77 after dropping nearly 25% in the previous session to an 18-year low.

But analysts said gains were likely to be temporary, as tumbling demand was compounded by the collapse this month of a deal on supply curbs between OPEC and other producers.

Source : Reuters

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