U.S. oil climbs, but ends off the day high as Fed rate cut raises worries about COVID-19 economic fallout
Wednesday, 4 March 2020 03:44 WIB | COMMODITY |BrentWTIMinyak

U.S. benchmark oil futures finished modestly higher on Tuesday and off the day™s best levels, while global benchmark crude prices settled lower as a surprise, inter-meeting interest-rate cut by the Federal Reserve caused traders to worry more about the global economic fallout of the COVID-19 epidemic.

Prices had traded sharply higher earlier in the session, buoyed by expectations for a further cut to oil production by the Organization of the Petroleum Exporting Countries and its allies.

The Fed™s move is œa sign that the economic fall out may be worse than expected, said Phil Flynn, senior market analyst at The Price Futures Group.

April West Texas Intermediate crude rose 43 cents or 0.9%, to settle at $47.18 a barrel on the New York Mercantile Exchange. The global benchmark, May Brent crude, however, moved lower to settle down 4 cents, or 0.08%, at $51.86 a barrel on ICE Futures Europe. It traded as high as $53.90 during the session.

Source : Market Watch


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