Singapore: Oil prices rose more than $1 on Tuesday as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand. Brent crude was up by 1.5%, or 46 cents, to $30.51 a barrel by 0206 GMT, after hitting a high of $31.25. U.S. West Texas Intermediate (WTI) crude rose 3.2%, or 92 cents, to $29.62, having come off a high of $30.21. Untitled Carousel France goes into lockdown today to fight COVID19; President Emmanuel Macron asks citizens to stay indoorsPresident Emmanuel Macron ordered the French to stay at home for 15 days starting midday Tuesday, banning all non-essential trips or social contacts and warning violations would be “punished.” The United States has said it will take advantage of low oil prices to fill its Strategic Petroleum Reserve (SPR), and other countries and companies are planning similar measures to fill storage tanks. “But those storage facilities are rapidly filling. If storage does fill, quashing that demand, oil prices are sure to collapse further, and the global markets will then have to hope that the dispute between Saudi Arabia and Russia… Read full this story
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