Oil Gains Slowly – 10 March, 2020

Oil prices slowly recovered from Monday’s crash brought on by a price war between Saudi Arabia and Russia. Brent crude futures were up 3.9% or $1.44 to $38.66 per barrel. U.S. West Texas Intermediate crude rose 3.3% or $1.12 to $35.48 per barrel. As Saudi Arabia and Russia battled for market shares and boosted output, confidence in the U.S.’s ability to contain the growing corona outbreaks and their plans to boost the economy dwindled. An OPEC and allies including Russia meeting is scheduled for the end of spring, though agreements will have to be made much sooner in an effort to stabilize demands and prices highly affected by the spread of the virus.