Cheap Oil Attracts Investors As Virus Continues To Affect Demand – 16 March, 2020

Investors looking for a bargain fled to oil causing the price of the commodity to rise more than $1. U.S. West Texas Intermediate was up 3.7% or $1.06 to $29.76 having risen as high as $30.21 previously. Brent crude was 1.8% or 55 cents higher $30.60 per barrel having hit $31.25 previously. Fears of a recession still kept prices and demand at bay while the coronavirus continues to spread around the world affecting everyone. Saudi Arabia and Russia have been ramping up production to boost their shares of the global market despite the drop in demand in a sort of price war when they could not agree on a plan to curb supply.