Oil advances as markets rejoice on stimulus optimism

TOKYO- Oil prices soared on Friday after global leaders assured fulfilling its promised measure  to inject large volume of funds to minimize the economic drag brought by coronavirus contagion. Upbeat performance followed despite the threat of contagion impacting crude demand.

The Brent crude LCOc1 earned 50 cents after suffering for four consecutive weeks. The crude added 2% and was last quoted at $26.84 per barrel by 0116 GMT. It is set to finish its weekly session on a firm note. US West Texas Intermediate CLc1 increased by 60 cents, equivalent to 2.7%, and stood at $23.20. It is viewed to conclude its weekly activity with 3% gains.

Leaders of the world’s top economies promised on Thursday to integrate an estimated $5 trillion into the global economy to minimize job and income declines brought by the novel coronavirus. Moreover, the world leaders swore to “do whatever it takes to overcome the pandemic.”

Currently, cases in the United States have already surpassed the statistics of China and Italy. The country monitored an increase in hospitalizations and scarcity in medical supplies, professionals, and sick beds.