US, WASHINGTON (ORDO NEWS) — Oil prices are rising on Thursday, while investors are trying to figure out how effective large-scale stimulus measures for central banks will support the global economy as the shock from the coronavirus pandemic increases.
Futures for Brent crude rose 4.98% to $ 26.12 per barrel against 9.09 Moscow time, while futures for WTI added 12.62% to $ 22.94.
On Wednesday, Brent fell 13%, WTI collapsed by almost 25%.
“After a 24 percent drop, oil prices are rising amid some selling exhaustion and as US and European leaders launch … help and incentives,” said Edward Moya, senior OANDA market analyst in New York.
The European Central Bank at an emergency meeting on Wednesday announced a new program to buy bonds worth 750 billion euros in an attempt to contain the effects of the coronavirus epidemic on the eurozone economy.
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