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Crude oil jumps after rout on stimulus hopes but price war weighs

ITN News Editor
By ITN News Editor March 11, 2020 12:45

Oil prices jumped by around 4 per cent yesterday after the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus, although a looming price war weighed on sentiment. US President Donald Trump said he will be taking “major” steps to gird the US economy against the impact of the spreading coronavirus outbreak, while Japan’s government plans to spend more than 4 billion dollars in a second package of steps to cope with the virus. Trading volumes in the front-month for both contracts hit record highs in the previous session after three years of cooperation between Saudi Arabia and Russia and other major oil producers to limit supply fell apart on Friday, triggering a price war for market share.

ITN News Editor
By ITN News Editor March 11, 2020 12:45