imageCommodities14 hours ago (Mar 12, 2020 02:02PM ET)

(C) Reuters.

By Barani Krishnan – The selloff in oil eased on Thursday as Wall Street pared some of its losses on the day after an emergency cash injection from the New York Federal Reserve.

West Texas Intermediate, the New York-traded benchmark for U.S. crude prices, was down $1.75, or 5.3%, at $31.23 per barrel by 1:48 PM ET (17:48 GMT). It struck an intraday bottom of $30.02 earlier.

Brent, the London-traded global benchmark for crude, lost $2.81, or 8%, to trade at $32.98. It fell to as low as $32.51 earlier.

The S&P 500 was down 7.5%, after plunging close to 9% with investors unimpressed at the Trump administration’s decision to ban travel from some European countries as his main announcement yesterday to combat Covid-19.

Oil Selloff Eases as Wall Street Pares Some Losses on Fed Injection

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Please enter your comment!
Please enter your name here