Oil prices have surged as much as nearly 20 per cent, bouncing back from days of heavy losses in a relief rally that may yet be short-lived, analysts warned, but which was stoked by economic stimulus efforts to ward off a global coronavirus recession.
Brent crude LCOc1 was up $2.10, or 8pc, at $26.98 a barrel by 0028 GMT after tumbling 13% on Wednesday in a third day of relentless selling. U.S. oil CLc1 gained $3.44, or 17pc, to $23.81 a barrel after slumping nearly 25pc in the previous session.
“After a 24pc crash, oil prices are firming up on some selling exhaustion and as US and European leaders unleash ... aid and stimulus,” said Edward Moya, senior market analyst at OANDA in New York.
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