Investing.com - Oil prices ended March by clawing back some losses after prices fell to 18-year lows in the last session.
International Brent Oil Futures gained 1.82% to $26.88 by 9:57 PM ET (02:57 AM GMT), whilst U.S.Crude Oil WTI Futures jumped 4.43% to $20.98.
WTI slumped almost 7% to $20.09 a barrel on Monday, its lowest level since February 2002 as oil markets continued to search for a solution to its' dilemma of oversupply. Saudi Arabia and Russia will be able to pump-at-will from tomorrow as the OPEC+ alliance failed to mediate a truce in the price war between the two producers.
Meanwhile, most countries are extending lockdown deadlines as well as slashing transport numbers to deal with the COVID-19 pandemic.
A conversation between U.S. President Donald Trump and his Russian counterpart Vladimir Putin on Monday to discuss the importance of stable energy markets, failed to make an impact.
“Any little bit of optimism is welcome even if it is little more than a false dawn,” Stephen Innes, global chief market strategist at Axi
Corp, told Bloomberg.
“The demand devastation is the most aggravating factor these days, while the supply issues are exacerbating that pressure,” he added.
