Oil Prices Rise on Possible U.S.-Saudi Alliance
Tuesday,
24-Mar-2020
09:13 AM (IST)
Oil prices rallied Tuesday morning in Asia as the U.S. indicated the possibility of an alliance with Saudi Arabia to stabilise prices. International Brent Oil Futures rose 2.55% to $28.19 by 9:50 PM ET (01:50 AM GMT) and U.S. Crude Oil WTI Futures jumped 5.27% to $24.59. U.S. Energy Secretary Dan Brouillette hinted on Monday that a U.S.-Saudi oil alliance was one option to stabilize prices as the COVID-19 pandemic continues to shrink demand and the price war between Saudi Arabia and Russia shows no sign of abating.
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