
The bounceback in oil prices follows two consecutive days of steep declines. This is because investors are worried about a possible global recession and the short-term economic signs in the world's two biggest oil consumers, the United States and China. The rebound in oil prices is a result of two things- first, investors are taking advantage of the decline to buy futures, and second, there are worries about the economic disruptions as COVID-19 works its way through China.
from Commodities-Markets-Economic Times
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