Oil prices jumped more than 4%, up from multi-year lows hit earlier on Monday, a...
SINGAPORE - Oil prices jumped more than 4%, up from multi-year lows hit earlier on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Across the Atlantic, U.S. West Texas Intermediate crude CLc1 hit a 14-month low of $43.32, before recovering to $46.65, up $1.89, or 4.2%. “And finite storage capacity in China - though large - is filling up quickly, presenting further downside risk if storage is ultimately breached.” Factory activity in the country shrank at the fastest pace ever in February, underscoring the colossal damage from the outbreak on its economy.
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