US congressional leaders have reached agreement on a major stimulus package designed to help the economy through the coronavirus outbreak.
"After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic," US Senate majority leader Mitch McConnell said. "We're going to pass this legislation later today."
Senate minority leader Chuck Schumer confirmed a deal had been reached.
Details of the final package are unclear, but Senate negotiators and President Donald Trump's administration yesterday expressed optimism they would soon reach agreement on a $2 trillion stimulus package.
Crude futures rose, with the Nymex front-month May contract at $24.74/bl shortly before GMT, up by 3pc from yesterday's close. The Ice front-month May Brent contract rose by 2pc to $27.70/bl.
The prospect of a stimulus deal being reached helped send the US Dow Jones Industrial Average up by 11.4pc yesterday.
By Kevin Foster
The sharp fall in Brazilian gasoline consumption is prompting risk-adverse independent retailers and traders to considerably reduce import operations and rely more on domestic output.
The U.S. International Trade Commission (ITC) has started a preliminary anti-dumping investigation in regards to the imports of common alloy aluminium sheet from 18 countries, including Germany, Oman, Bahrain, Serbia, Croatia, Romania, Turkey and Slovenia.
The Australian mining and metal company Australian Bauxite has started to increase its production to support fertilizer production in Tasmania.
Japanese metals producers Mitsubishi Materials (MMC) and Kobe Steel (Kobelco) have agreed to delay their plan to transfer copper tube production assets to an investment fund, citing uncertainty caused by the coronavirus epidemic.
Australian lithium producer Pilbara Minerals has improved plant recoveries and reduced unit costs at its Pilgangoora mine in Western Australia as it continues to moderate output in response to weak demand.
Several coal-consuming industries are likely to remain operational in Vietnam along with the power stations even as the government intensifies efforts to contain the coronavirus outbreak. But health-related precautions may result in labour challenges.