Oil prices also showed a recovery on Thursday in the hope that oil cartel OPEC and its allies (OPEC +) will soon come up with support measures. The representatives of those countries are currently discussing additional production reductions to support prices. Oil prices have fallen sharply recently due to problems with the new corona virus.
Representatives of OPEC + met earlier than planned. The fear that the coronavirus would hit global oil demand severely lowered oil prices by around 20 percent this year. The Chinese economy is largely flat due to government measures to prevent the spread of the Wuhan virus. For example, many flights were canceled.
According to market experts, OPEC countries and allies such as Russia are on the point of further reducing production. The biggest stumbling block remains the attitude of Russia, which sees no benefit in further reductions in production. A barrel of American oil was 2.5 percent more expensive on Thursday morning to $ 52 a barrel. Brent also went up by 2 percent to $ 56.43 a barrel.
