NEW YORK (Reuters) - Oil prices inched higher on Monday, while U.S. gasoline prices plunged more than 30% to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.
MELBOURNE (Reuters) - U.S. crude oil futures climbed nearly 3% on Tuesday in light trading as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices.
SYDNEY (Reuters) - Asian stocks rallied on Tuesday as the U.S. Federal Reserve’s sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
Oil prices moved higher on Sunday, snapping back from a week of steep declines that saw U.S. West Texas Intermediate crude post its worst week since 1991. Investors are waiting on Washington to agree to an economic stimulus and rescue plan.
U.S. President Donald Trump is facing increasing calls from some U.S. senators and congressmen to pressure Saudi Arabia into ending the oil price war, with one of his own Republican party - Senator Kevin Cramer – last week urging him to impose an embargo on oil imports from Saudi Arabia, Russia and other OPEC nations.
Stocks in Asia Pacific saw significant declines in Monday morning trade as fears over the economic impact of the global coronavirus outbreak continue to weigh heavily on investor sentiment.