Oil gains as governments pile on the economic stimulus

• Oil prices rose on Friday as the world’s richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.
• Brent crude futures were up 82 cents, or 2.8%, to trade at $29.29 per barrel. U.S. crude futures for April rose $1.34, or 5.3%, to trade at $26.56 per barrel. The front-month contract expires later on Friday. The more active U.S. crude futures contract for May was up $1.89, or 7.3%, at $27.80.
• Both U.S. contracts gained more than Brent because of U.S. plans to buy up to 30 million barrels of crude for its emergency stockpile by the end of June and reports that regulators in Texas might curtail output.
• As the spread of the coronavirus brings much of the world to a halt, nations have poured increasing stimulus into their economies while central banks have flooded markets with cheap dollars to ease funding strains.

(Source: CNBC)