Oil rally loses steam as ECB scheme fails to calm markets


Oil markets are hammered by collapsing demand as Covid-19 prompts travel restrictions and business closures, and as major producers Saudi Arabia and Russia engage in a price war. – EPA pic, March 19, 2020.

OIL prices pulled back from a massive early rally today as a plan by the European Central Bank (ECB) to buy huge amounts of bonds failed to calm coronavirus-ravaged markets.

The US benchmark West Texas Intermediate surged more than 17% at the open in Asian trade, recouping enormous losses from yesterday, when prices hit 18-year lows.


Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one (1) week free access!

Subscribe Now!


Sign up or sign in here to comment.


Comments