In this file photo the Wall Street street sign is seen on March 23, 2020 in New York City. — AFP pic
However, WTI oil prices tanked to US$18.03 per barrel to strike a fresh 18-year low point, punished by crude oversupply and virus-hit weak energy demand. “Reports that a Gilead drug is producing encouraging results in clinical trials is also giving risk sentiment a lift,” said City Index anlayst Fiona Cincotta.
“Investors seem to be determined to remain optimistic and reports overnight that a treatment from Gilead Sciences had delivered positive results in treating coronavirus was just the tonic they were looking for. That helped send Frankfurt and Paris equities fizzing about four per cent higher, while London won more than three per cent in value.
“Stocks associated with global travel have received a welcome boost as traders react to plans from the likes of Germany and the US to ease lockdown restrictions.”World oil prices have meanwhile collapsed this week in the face of chronic fears of a supply glut despite crude production cutbacks — as coronavirus-plagued energy demand continues to wilt.
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