Brent oil slows its decline in the markets

The price of this reference of crude oil managed to reverse the situation in order to start approaching $ 20 per barrel again

The oil market is still in decline; the main price references are in a process of historical decline due to the current situation caused by the coronavirus.

However, the Brent benchmark managed to reverse the 12% drop that led it to the 1999 lows, after going from $ 16 to $ 20 this week.

The demand for oil has been conditioned due to the confinements of the main countries of the world. To this is added the supply of Saudi Arabia and Russia, and the warehouses to place excess supply.

In addition to the oil recovery, there was some encouragement in major European equity markets after a flimsy shutdown in New York and a day of disparate results in Asia.

The pan-European STOXX 600 index and Wall Street futures were up nearly 1%, after both falling more than 3% on Tuesday followed by the collapse in oil prices.

K. Tovar

Source: Panorama

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