Article taken from: finance.yahoo.com
Oil prices rose on Friday after world leaders promised a massive injection of funds to limit the economic fallout from the coronavirus pandemic, despite fears the outbreak will destroy demand for oil.” U.S. crude was up 60 cents, or 2.7%, at $23.20, and is heading for a weekly gain of about 3%. […] “The U.S. is the most consequential oil demand region in the world and real-time GPS data suggests an 82% drop in congestion in major U.S. cities”, Capital Economics said in a note. “Ultimately, U.S. consumption has to lead the way for meaningful global oil demand recovery,” it said. Still, the availability of funds helped oil prices gain as other markets rose while more governments roll out additional stimulus measures to combat the pandemic.
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