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U.S. Oil Futures Gain Over 10% After Posting Biggest Loss Since 1991


Wednesday, 11 March 2020 02:17 WIB

Minyak WTIOil,Crude Oil


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U.S. oil futures settled more than 10% higher on Tuesday, rebounding a bit a day after posting the largest percentage loss since 1991. Tuesday's rebound for oil is "relatively modest" compared to Monday's plunge, said Tyler Richey, co-editor at Sevens Report Research.

"We could easily see a retracement higher in prices in the days and weeks ahead," he said, but given the "major deteriorating market fundamentals," including the OPEC+ move to abandon production cuts and the slowdown in oil demand from the coronavirus outbreak, "we appear to be entering a dynamic similar to that of [the second half of 2014] when oil prices collapsed."

April West Texas Intermediate oil rose $3.23, or 10.4%, to settle at $34.36 a barrel on the New York Mercantile Exchange, following a loss of roughly 25% on Monday.

Source : Marketwatch


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