Crude oil rises after US, Russia agree to oil market talks

Oil recovered some ground on Tuesday as US President Donald Trump and Russian President Vladimir Putin agreed to discuss stablising energy markets, but prices remain near 18-year lows as the coronavirus shutdown destroys demand.

Brent crude was up by 19 cents, or 0.8 per cent, at $22.95 a barrel by 0051 GMT, after closing at $22.76 in the previous session, the lowest close since November 2002. US crude was up by 59 cents, or 2.9 per cent, at $20.68 a barrel, after settling down at $20.09, the lowest close since February 2002.

Oil markets have faced a double whammy from the coronavirus outbreak and a price war between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March.