Oil Jumps 24% to Record Biggest Daily Gain in History

Oil prices extended their gains to about 24% on Thursday's trading to record the best daily performance in its history as investors tried to assess the impact of stimulus measures and despite the continuing fears of a global economic recession.

The oil gains came with the European Central Bank (ECB) announcing the launch of an emergency program to purchase bonds worth € 750 billion, in response to a stimulus to support the economic strikes resulting from the spread of  the Covid-19.

The Federal Reserve also announced the expansion of the currency exchange program in order to solve the crisis of half the dollar, while the British Central Bank decided to reduce the interest rate and boost asset purchases after an emergency meeting, in light of the efforts of the central banks to support the exhausted economy.

The black gold recorded losses of about 24% on yesterday's trading, amid the gains of the US dollar, in addition to fears on both sides of supply and demand due to the "Covid-19" virus and the oil war between OPEC and Russia.

Yesterday, US Energy Information Administration data showed that oil inventories in the United States rose below expectations during the past week, and US production of crude rose again to its highest levels ever.

As for the developments of coronavirus, the number of infections around the world reached 229 thousand cases, and about 9 thousand people died globally.

Upon settlement, the price of US NYMEX crude for April delivery increased by 23.8% to $ 25.22 a barrel, marking the biggest daily gain in its history.

Brent crude futures for May delivery also rose 15.3% to $ 28.69 a barrel by the end of the trading.