Oil Prices Mixed As G20 Leaders Pledge United Response

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Oil prices traded mixed on Friday after G20 leaders pledged to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and do whatever it takes to overcome the pandemic.

Benchmark Brent crude dropped 1.30 percent to $26.00 a barrel, while U.S. crude futures were up 0.2 percent at $22.64.

During a two-hour long virtual meeting, the G20 countries have all decided to put in together $ 5 trillion funds in the world economy to deal with the social and economic impacts of the COVID-19.

They have also agreed to further strengthen the mandate of the World Health Organization (WHO) in the fight against pandemics and to chalk out plans for the delivery of diagnostic tools, medicines, vaccines, treatments, and other medical supplies as the coronavirus continued to spread.

The U.S. has now surpassed China and Italy with at least 82,100 reported coronavirus cases, but several analysts and health officials warned it’s still the beginning.

The number of cases in Italy also exceeded 80,000 while Spain extended its lockdown to at least April 12.

There are now more than half a million cases of coronavirus reported in 202 countries and territories around the world.

China and the United States should “unite to fight” the deadly coronavirus pandemic, Chinese President Xi Jinping said in a call with U.S. President Donald Trump today.

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