By Barani Krishnan
Investing.com – 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
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