Oil Sees a minor Spike In Pricing On Washington Optimism – 24 March, 2020

Hopes that Washington will approve a plan to help lessen the impact on the economy caused by the coronavirus pandemic helped oil extend gains for a third straight session. U.S. crude was up 81 cents or 3.4% to settle at $24.82 per barrel after hitting a high of $25.24 per barrel. Brent crude was up 2.8% or 75 cents to $27.90 per barrel after hitting a high of $28.29 per barrel. The stimulus package is expected to be agreed on by Wednesday, a push that many believe will fuel a surge in the stock market. Oil prices have fallen roughly 45% this month, with demand for the commodity falling as demand becomes more uncertain and more governments enforce nationwide lockdowns and travel restrictions.