US West Texas Intermediate (WTI) crude futures were down by $0.27 to $20.21 a barrel. Credit: haymarketrebel.

Follow the latest updates of the coronavirus outbreak on our timeline.

Oil prices sprang up nearly 7% on Thursday after a three-day low. However, the coronavirus pandemic and oil supply surge still weigh heavily on the market.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to Reuters, Brent crude LCOc1 jumped up by $1.43, or 5.75%. It stands at $26.33 a barrel, after sinking to $24.52 yesterday.  US crude CLc1 gained $2.40, selling at $22.77 per barrel. This 11.8% gain comes after a 25% plummet the day before, reaching an 18-year low.

According to analysts, gains are not expected to last. Oil demand is still crashing due to the Covid-19 pandemic, compounded by the collapse of an agreement for supply cuts proposed by the Organisation of the Petroleum Exporting Countries (OPEC).

Because of this, price war between major oil producers Saudi Arabia and Russia continues to cause oversupply issues. Saudi Arabia is currently pumping at a record rate of 12.3 million barrels per day.

Yesterday, US senators pressured the Saudi Arabian envoy to the US to end the price war. US companies stand to lose millions while oil prices stay low. Separately, senators urged President Donald Trump to impose an official ban on oil from the two countries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

OANDA New York senior market analyst Edward Moya was quoted by the news agency as saying: “Monetary and fiscal stimulus will do little in returning energy demand back to normal but it will build confidence that the global economy will be in a better position once it is behind the virus.”

Coronavirus global impact

The Covid-19 death toll has increased to more than 8,800 globally. A total of over 218,800 confirmed cases and 84,000 recoveries have been reported as of the end of 18 March.

The World Health Organization noted that 80% of global coronavirus cases were reported in the Western Pacific and European regions.

The agency urged isolation, testing and treatment of every suspected case, along with tracing of every contact, in all countries.