Trump Coronavirus Economic Plan Causes Oil To Jump – 17 April, 2020
The introduction of President Trumps guidelines for re-opening the U.S. economy pointed to signs that of easing social restrictions, caused oil prices to rise. Brent crude rose 75 cents or 2.7% to $28.57 per barrel. U.S. crude for May delivery was up 0.1% or 1 cent to $19.88 per barrel. Due to the outbreak, OPEC lowered their 2020 forecast of global demand by 6.9 million barrels per day. Last week, OPEC and Russia came to an agreement to cut production by 10 million barrels per day to level out an oversupply and weak prices.