Oil Rollercoaster Has Crude Rebounding After Drop to 18-Year Low

Oil Rollercoaster Has Crude Rebounding After Drop to 18-Year Low

Oil has been hammered by the dual shocks of collapsing demand and an impending supply flood, but are getting some relief along with other markets from stimulus measures.. The European Central Bank has unleashed an emergency bond-buying program, while the U.S.. White House economic adviser Larry Kudlow said the government might take equity positions as part of corporate rescues.. The high level of uncertainty around the hit to demand means that markets are going to continue to test these levels and invite some sort of reaction from producers.". Republican Senator Kevin Cramer called on President Donald Trump to ban crude imports from Russia, Saudi Arabia and other OPEC members in response to recent action taken by them to "distort energy markets" when demand is already weak.. The ECB announced the bond-buying program worth 750 billion euros ($820 billion) after an unscheduled meeting on Wednesday night, joining other central banks in a bid to ease a funding squeeze..