On Tuesday, US crude oil futures rose in light trading, affected by President Trump’s administration’s effort to work with Saudi Arabia to stabilize prices.
WTI crude oil futures for May delivery climbed by 2.9% or USD0.67 to USD24.03/barrel on 23.53 GMT.
Brent crude futures for May also showed an increase albeit not as aggressive by 1.9% or 52 cents to USD27.55/barrel at 00.15 GMT.
However, Michael McCarthy of CMC Markets and Stockbroking said that volumes were really low, showing that the increase was not a confidence motion.
The price was affected by the appointment of a US special energy representative to Saudi Arabia as part of the effort from the US to stabilize the global energy market that has been crashed by the market share war between Saudi Arabia and Russia.
Elsewhere, Australian refiners Viva Energy and Caltex Australia Ltd. expected jet fuel demand to slump by 80-90% on the back of air travel bans in most parts of the world. They plan to take in less crude.
