SINGAPORE: Oil prices rose more than $1 on Tuesday as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand. Brent crude was up by 1.5%, or 46 cents, to $30.51 a barrel by 0206 GMT, after hitting a high of $31.25. U.S. West Texas Intermediate (WTI) crude rose 3.2%, or 92 cents, to $29.62, having come off a high of $30.21. “Presumably, the market is getting supported by physical bargain hunters and short covering,” said Stephen Innes, chief markets strategist at AxiCorp. The United States has said it will take advantage of low oil prices to fill its Strategic Petroleum Reserve (SPR), and other countries and companies are planning similar measures to fill storage tanks. “But those storage facilities are rapidly filling. If storage does fill, quashing that demand, oil prices are sure to collapse further, and the global markets will then have to hope that the dispute between Saudi Arabia and Russia is resolved before we reach that point of no return,” Innes said. Amid heavy demand loss from the global spread of the virus that causes… Read full this story
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