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Oil prices moved away from lows

UNITED STATES (OBSERVATORY NEWS) — Oil prices rose about 3% on Monday after reaching many-year lows, as hopes for increased cuts in production by OPEC and partners and incentive measures by central banks offset the concerns about the impact of the coronavirus outbreak on demand.

Futures for Brent crude oil rose 3.30% to $ 51.31 per barrel against 9:39 Moscow time, and on WTI – 2.88% to $ 46.05.

Brent and WTI rose for the first time after a six-day decline amid fears of an outbreak of coronavirus, which claimed nearly 3,000 lives and worried global markets. Last week, stocks fell the most since the 2008 financial crisis.

“On the one hand, with regard to global demand for oil and petroleum products, everything is rather gloomy,” said Lachlan Shaw, head of commodity research at National Australia Bank.

At the same time, Saudi Arabia is calling for an agreement to reduce production by 1 million barrels per day this week, and central banks are increasingly signaling a desire to intervene and support markets by lowering interest rates, he added.

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