US, WASHINGTON (ORDO NEWS) — Oil price performance varied on Friday as governments took unprecedented steps to reduce the economic consequences of the Corona virus pandemic.
Brent crude fell 34 cents, or 1.2 percent, to $ 26 a barrel by 0726 GMT. US crude rose eight cents, or 0.4 percent, to $ 22.68.
The two benchmarks are down by nearly two-thirds since the beginning of this year, and the decline in economic activity and fuel demand has caused a massive forced reduction in investment by oil and other energy companies.
The director of the International Energy Agency said that the world’s oil needs may fall by 20 percent with the isolation of three billion people, and called on major producers such as Saudi Arabia to contribute to achieving stability in the oil markets.
On Thursday, leaders of the Group of 20 major economies pledged to pump more than $ 5 trillion into the global economy to reduce job losses and income due to the Corona virus and “do everything possible to overcome this pandemic.”
While analysts doubt that these moves will prevent the global economy from sliding into recession, they say that saving companies and consumers will ease tension and contribute to ensuring a strong recovery when demand specifically picks up.
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