Tuesday, 31 March 2020 19:17 WIB |
Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian counterpart Vladimir Putin agreed to talks aimed at stabilising energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.
Brent crude LCOc1 was up 87 cents, or 3.8%, at $23.63 a barrel by 11:06 GMT after closing on Monday at $22.76, its lowest finish since November 2002.
U.S. crude Clc1 was up $1.45, or 7.2%, at $21.54 a barrel after settling in the previous session at $20.09, its lowest since February 2002.
Oil markets have faced a double whammy from the coronavirus outbreak and a race to win market share between Saudi Arabia and Russia after OPEC and other producers failed this month to agree on deeper supply cuts to support oil prices.
Trump and Putin agreed in a phone call to have their top energy officials discuss stabilising oil markets, the Kremlin said on Monday.
Although the futures market is seeing a recovery, physical cargoes are selling in some regions at single digits, with sellers offering hefty discounts.
Source : Reuters