U.S. oil jumped 23% on Thursday, putting it on track for its best day on record, clawing back more than half of the losses from Wednesday’s steep slide.
U.S. West Texas Intermediate rose 23.4%, or $4.77, to trade at $25.12 per barrel. International benchmark Brent crude jumped 9.5%, or $2.37, to trade at $27.29 per barrel.
The sharp move higher follows significant losses on Wednesday, which saw WTI drop 24.4% to settle at a more than 18-year low. It was WTI’s third worst day on record. Traders believe that oil was oversold and that the global economy will slow but not as bad as originally feared.
Financial markets are generally better based on two main factors, China has announced that there were no new coronavirus cases today, plus central banks announced stimulus measures to counter any economic slowdown. The Bank of England cut rates again while the ECN introduced a series of stimulus measures.
The Canadian dollar is stronger to the USD based on these new reports, but this is not a market for speculating, just keep your powder dry.
Currently Close Range
USDCAD 1,4451 1.4500 1.4400-1.4670
EURCAD 1.5528 1.5530 1.5520-1.5990
GBPCAD 1.7011 1.6770 1.6666-1.7030