Volatile times: West Texas Intermediate futures for April delivery rose 2.5% to US$45.88 a barrel on the New York Mercantile Exchange. Last week’s drop of 16.2% was the biggest since the height of the global financial crisis. — Bloomberg
SINGAPORE: Expectations the Opec+ alliance will deepen output cuts put a floor under last week’s 16% plunge in oil prices, with futures in New York rebounding even as the coronavirus continued to spread rapidly.
Russia is ready to cooperate to support the world oil market, even though it’s comfortable with current prices, President Vladimir Putin said on Sunday. That acted as a brake on plunging crude prices after a Chinese manufacturing gauge released over the weekend came in at a record low, undershooting already weak expectations and highlighting the mounting economic impact of the virus.
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