Oil strengthened its position on Tuesday after US President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, Reuters reported.
Brent crude LCOc1 was up by 30 cents, or 1.3%, at $23.06 a barrel by 0635 G5MT, after closing on Monday at $22.76, its lowest finish since November 2002.
US crude Clc1 was up by $1.21, or 6.0%, at $21.30 a barrel, after settling in the earlier session at $20.09, lowest since February 2002.
“Oil prices are clawing back from a near 18-year low on hopes that oversupply concerns may finally see some relief,” said Edward Moya, senior market analyst at broker OANDA.
“Much of the focus has fallen on a key call between the Presidents of the United States and Russia.”
Earlier, the leaders discussed over the phone measures to counter the coronavirus pandemic.According to the Kremlin’s press service, the conversation was initiated by the American side.
The leaders expressed serious concern over the scale of the spread of coronavirus in the world and informed each other about measures taken in Russia and the US to counter this threat. The possibilities of closer cooperation between the two countries in this direction were discussed.