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Oil Prices Rise Above 4%
with Decline of Corona's Fears Bringing Brent Crude to USD 51.90 a
Barrel
Brent contracts ended the session
higher by USD 2.23 (4.5%) to stable on settlement at USD 51.90 a barrel.
In earlier session, the global benchmark crude tumbled to its lowest
level since July 2017 at USD 48.40.
US benchmark West Texas Intermediate
crude futures rose by USD 1.99 (4.45%) to settle at USD 46.75 a barrel
after falling during the session to the lowest level since December 2018
at USD 43.32.
These are the first gains for both
benchmarks after six consecutive sessions of losses raised by fears of
the coronavirus which has killed nearly three thousand people and
shocked the global markets.
Global stock markets stabilized on
Monday after recording the most severe losses since the financial crisis
in 2018 last week.
Oil prices have fallen more than 20%
since the beginning of the year despite OPEC + production cut by 1.7
million barrels a day under an agreement that will last till end of
March.