• Tuesday, May 28, 2024
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BusinessDay

Oil rallies above $30 a barrel and equities firm up on last day of trading

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The price of Brent crude — the international oil benchmark — rose 7 per cent to over $30 per barrel, continuing its rebound from Thursday.

Crude prices have plunged in recent weeks on fears over the economic impact of coronavirus and a price war between large producers Saudi Arabia and Russia.
The unprecedented clash between the two giant exporters — and former OPEC+ allies — threatens to push the price of a barrel below $20, but the Kremlin won’t be the first to blink and seek a truce, said people familiar with the government’s position.