GLOBAL MARKETS-Brent slumps to 1999 lows, stocks clamber higher – ZAWYA

GLOBAL MARKETS-Brent slumps to 1999 lows, stocks clamber higher – ZAWYA

"There is nowhere to put the oil so it shouldn't come as any surprise to anyone that the front months (oil price contracts) are getting decimated," he said, though he said it should be a temporary situation.. Focus was on whether European Union leaders, who meet on Thursday, will be able to agree more aid to help the region's economies cope with the coronavirus outbreak.. Treasuries yield also rose to 0.33% after hitting a record low of 0.3010% on Tuesday.. South Africa's president pledged a $26 billion rescue package on Tuesday for his country's economy, which was suffering from anaemic growth even before the coronavirus outbreak.. "If the global economy can reopen in eight weeks or so the damage is done (for equity markets), but the longer-term damage is in the bond markets," said Tavistock's Peel..