Oil prices increase gains on Tuesday (3)

On Tuesday (3), oil prices increased due to expectations that central banks will provide fiscal stimulus to offset the impact of the coronavirus epidemic and optimism about a possible OPEC decision this week to increase production cuts.

Brent crude rose $1.39, or 2.68%, to $53.29 per barrel, as the United States advanced $1.51, or 3.23 percent, to $48.26 per barrel. In recent days, Brent and WTI have shown some recovery after a drop of more than 20% since maximums reached in January.

"Oil prices have partially recovered the land lost last week due to widespread market relief, economic stimulus guarantees and expectations that producing countries will make supply cuts," said the commodities of Saxo Bank, Ole Hansen, reuters. 

Last Monday (2), French Minister Bruno Le Maire said finance ministers from G7 countries will discuss this week the best ways to alleviate the impacts of the virus on economic growth. Meanwhile, other major central banks have promised fiscal and monetary stimulus.


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