Singapore
Oil prices extended a rebound Wednesday from their biggest falls in almost 30 years, as planned US stimulus to combat the coronavirus epidemic offset worries about a Russia-Saudi price war.
The two main contracts, West Texas Intermediate and Brent crude, both put on about four percent in Asian trade before slipping back slightly.
WTI was trading at about $35 a barrel and Brent at almost $39 a barrel. Oil had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, after Saudi Arabia heavily slashed prices following a bust-up with Russia over whether to cut output.
But prices rebounded by almost 10 percent Tuesday. And on Wednesday prices pushed even higher, as investors took heart from measures outlined by US President Donald Trump to combat the economic fallout from the virus outbreak.—AFP
