Oil Prices Rebound After Plunging on Surging Jobless Claims
Friday, 27 March 2020 12:26 WIB | ENERGY |Crude OilOil,brent oilMinyak WTI

Oil prices rebounded on Friday in Asia after falling overnight amid more evidence of the coronavirus' devastating impact on the U.S. economy.

The U.S. Crude Oil WTI Futures rose 1.7% to $22.98 by 11:59 PM ET (03:59 GMT), after losing more than 7% earlier in the day. International Brent Oil Futures gained 0.9%, recovering slightly from the 8% losses overnight.

Both contracts are down about 60% so far this week.

The Labor Department said the number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week, with initial claims coming in at a seasonally adjusted 3.28 million in the week ending March 21, eclipsing the previous record of 695,000 set in 1982.

Source : Investing.Com

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