WTI crude oil price, benchmark for Ecuador, rises sharply in markets and stands at USD 15.74
The price of a barrel of West Texas Intermediate ( WTI ) for delivery in June 2020, which began trading on the markets this Wednesday, April 22, gained more than USD 4, a jump close to 40%, amid great nervousness of the investors .
At 08:50 Ecuador time, the price of the WTI was worth USD 15.74, an increase of 36.04% compared to the close on Tuesday. Shortly before, it had reached USD 16.20, with more than 40 percentage points of profit . The barrel of Brent, from the North Sea, rose 14.43% to settle at USD 22.12.
The future of US crude and Brent crude climbed 27% and 11%, respectively, after falling to a floor not seen since 1999, thanks to the possibility of further cuts in production to reduce the oversupply that stifles the market.
The global MSCI stock index was 1.58%, helped by a general advance in Europe and by smaller losses in Asia .
On Wall Street , the top three indicators opened higher , also buoyed by a slightly more optimistic corporate outlook and expectations of more government help to get around the coronavirus crisis.
A historic two-day crash in the oil market , which sent futures contracts at a negative price for the first time in history, erased up to 1,000 points from the Dow Jones Industrial Average, before the positive start on Wednesday.
The US Congress will approve a nearly $ 500 billion coronavirus assistance plan on Thursday, House Speaker Nancy Pelosi said , including extra funds of more than $ 321 billion for a credit fund from Small businesses previously established and that have already exhausted all their resources.
“While this bill will address some of the gaps , it may not be the end of the stimulus,” said a note by BofA Global Research, adding that the firm expects the US Congress to approve another financial aid package for up to USD 1.5 billion.
The gains in the market of energy helped the investors to return to riskier assets, which made growing yields on government bonds. The benchmark US Treasury debt price at 10 was down 10/32 and was yielding 0.6071% on Wednesday, up from 0.571% on Tuesday.