Oil up more than 4% as OPEC hopes decline and gloom against stimulus virus

NEW YORK (Reuters) – Oil prices rose more than 4% on Monday, reversing the start of a drop to multi-year lows as hopes for a deeper drop in production by OPEC and Central bank stimulus measures countered concerns over demand damage from the coronavirus epidemic.

Brent LCOc1 futures gained $ 2.23, or 4.5%, to settle at $ 51.90 per barrel. The session low of $ 48.40 was its lowest since July 2017.

The US CLc1 West Texas Intermediate (WTI) futures contract rose $ 1.99, or 4.5%, to $ 46.75 a barrel. The session low of $ 43.32 a barrel was the lowest since December 2018.

This was the first gain for the two benchmarks after six sessions of losses triggered by concerns over the coronavirus, which killed nearly 3,000 people and disrupted global markets.

The shares stabilized globally on Monday. Last week, stocks experienced their biggest rout since the 2008 financial crisis, which prompted markets to assess the U.S. Federal Reserve's policy responses to the Bank of Japan, which said it would take measures to stabilize the financial markets.

"We believe that much of the current expansion in risk appetite is strongly linked to indications of a welcome from the central bank," said Jim Ritterbusch, president of Ritterbusch and Associates, in a report.

Meanwhile, the International Monetary Fund and the World Bank said Monday they are ready to help member countries meet the human and economic challenges of the rapidly spreading coronavirus epidemic, including through funding. d & # 39; emergency.

Fearful that the virus epidemic is eroding demand for oil, several members of the Organization of the Petroleum Exporting Countries (OPEC) are considering further cuts in production in the second quarter.

The previous proposal provided for a further reduction in production of 600,000 bpd.

Russian Energy Minister Alexander Novak said that Moscow was evaluating a smaller OPEC + oil production reduction proposal, adding that it had not received from proposal for larger reductions.

OPEC oil production fell in February to its lowest level in more than a decade, as Libyan supply collapsed due to a blockade of ports and oil fields and that Saudi Arabia and other Gulf members have over-delivered a new production-limiting agreement, according to Reuters research.

Oil prices have fallen by more than 20% since the start of the year despite OPEC + a 1.7 million b / d drop in production under an agreement which ends at the end of March.

"Failure to act on OPEC + would likely trigger another potentially serious sales episode," said analysts at Fitch Solutions.

Data released this weekend by China, the world's largest consumer of energy, weighed on oil prices at the start of the session.

Factory activity in the country declined at the fastest rate ever recorded in February, as the coronavirus hit the economy.

Additional reports by Noah Browning and Bozorgmehr Sharafedin in London and Florence Tan in Singapore; Editing by Jan Harvey, Steve Orlofsky and Richard Chang

Our standards:Principles of the Thomson Reuters Trust.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos