Financial and business news from Bulgaria

Latest oil price data, here's what's happening

Oil prices rise on Wednesday, March 11, in anticipation of stimulus measures to support the US economy, writes
But the mood of market participants is influenced by the uncertainty associated with the timing and scope of these measures, as well as the spread of the coronavirus outbreak in the world.

The White House and Congress on Tuesday were actively discussing measures to support the US economy and reduce the tax burden on citizens.

However, the details and timing of the announcement of these measures are not yet known, and these steps, according to experts, are unlikely to change the situation in the markets.

Against this backdrop, gold prices soared, and the yield on the 10-year US Treasury Bonds Treasury began to decline again. Futures for the S&P 500 index fall 2.2 percent.

The price of May futures for the Brent variety on the ICE Futures exchange in London today morning picked up $1.26, or 3.4%, to $38.48 a barrel.

April futures for the US WTI benchmark on the New York Commodity Exchange (NYMEX) at the same time rose 0.91 dollars, or 2.7 percent, to $35, per barrel.

Oil prices recovered about half of their collapse, which occurred on Monday after Saudi Arabia failed to secure Russia's agreement to further cut oil production and decided to increase production and lower prices for buyers.

Riyadh said Tuesday that state-owned oil company Saudi Aramco will increase oil output in April to 12.3 million barrels per day, 300 thousand barrels more than the company's previously announced maximum production capacity.