
Oil prices recouped part of the recent losses on Tuesday, jumping away from 18-year lows due to a drop in demand, triggered by the coronavirus spread, as Russia’s Leader and the U.S. President agreed to have their high-level talks to stabilize crude markets.
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Futures for Brent crude oil surged by 3.36 percent, to $23,36 per barrel, while WTI oil futures soared by 6.52 percent, to $21,40 per barrel at 0950 GMT.
Oil markets at the same time have faced extra pressure due to the Covid-19 outbreak and the price war between Russia and Saudi Arabia after they failed to agree the OPEC+ deal.
The presidents of Russia and the United States discussed via phone the global oil crude market and agreed to continue the U.S-Russia discussions on this issue through energy ministers, according to the Kremlin statement on Monday.
Source: Reuters
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