Traders try to assess how effective central bank stimulus will be in shoring up the global economy as shock from the coronavirus pandemic deepens.
Oil prices rose on Thursday but pared early gains as investors tried to assess how effective huge stimulus by central banks will be in shoring up the global economy as the shock from the coronavirus pandemic deepens.
“After a 24% crash, oil prices are firming up on some selling exhaustion and as US and European leaders unleash ... aid and stimulus,” said Edward Moya, senior market analyst at Oanda in New York. “Monetary and fiscal stimulus will do little in returning energy demand back to normal but it will build confidence that global economy will be in a better position once it is behind the virus,” Moya said.
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