Oil Claws Back From Historic Crash After Global Price War Erupts
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(Bloomberg) -- Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks.
Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday -- the biggest price drop since the 1991 Gulf War. A gauge of volatility in New York futures jumped to the highest level since at least 2007.
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West Texas Intermediate crude for April delivery rose as much as $1.83, or 5.9%, to $32.96 a barrel on the New York Mercantile Exchange and was at $32.55 at 8:02 a.m. in Singapore. It crashed by more than $10 a barrel on Monday to end at $31.13 a barrel.
Brent for May settlement was up 4.1% at $35.75 a barrel. It earlier rose as much as 6.6% after falling 24% Monday to end the session at $34.36 on the London-based ICE Futures Europe exchange.
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https://ca.finance.yahoo.com/news/oi...220837400.html
Last edited by Ashasx; 03-09-2020 at 06:44 PM.
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