Oil recovers from 18-year lows

US, WASHINGTON (ORDO NEWS) — Oil prices recovered part of the losses on Tuesday, moving away from the 18-year low reached due to a drop in demand due to coronavirus, as Russian President Vladimir Putin and US leader Donald Trump agreed on consultations to stabilize markets.

Futures for Brent crude oil rose 1.23% to $ 23.04 per barrel against 8:32 UTC, having closed trading on Monday at around $ 22.76, the lowest since November 2002.

Futures on WTI rose 5.72% to $ 21.24 per barrel after falling to $ 20.09, the lowest since February 2002, at the previous session.

Oil markets at the same time faced pressure due to the outbreak of the corona virus and the price war between Saudi Arabia and Russia after the collapse of the OPEC + deal.

The presidents of Russia and the United States over the phone discussed the world oil market and agreed on Russian-American consultations on this subject through energy ministers, the Kremlin said on Monday.

“Oil prices are recovering from an almost 18-year low in the hope that fears of a (market) oversaturation may finally subside,” said Edward Moya, senior market analyst at OANDA.

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