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Oil rebounded after plunging to the lowest level in 18 years as policy makers across the globe try to strengthen economies against the impact of the coronavirus pandemic.
Futures rose as much as 18 percent in New York, the most since December 2008, following a 24 percent rout in the previous session. Prices have cratered over the past two weeks as major producers hike output in a fight for market share while demand falls off a cliff.
Signs of stress are already showing in some corners of the world with Canadian oil at a record low and some North Sea fields becoming uneconomic.
The European Central Bank has unleashed an emergency bond-buying program, while the US Senate cleared the second major bill responding to the outbreak in an attempt to kick-start the economy.
White House economic adviser Larry Kudlow said the government might take equity positions as part of corporate rescues. – Bloomberg.
Online Reporter