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Oil Pares Losses Due to Hopes for Top Energy Officials Talks

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.

oil rises on hopes for us-russia talksPhoto: Pixabay

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