Oil price hits pre-pandemic high amid hopes of US stimulus – business live

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Rolling live coverage of business, economics and financial markets as stock markets gain ahead of new recovery bill

7.54am GMT

Good morning, and welcome to our live coverage of business, economics and financial markets.

Demand for oil slumped at the start of the coronavirus outbreak, but it appears to be back, as prices broke through the $60 mark for the first time since the extent of the pandemic became clear.

CHART OF THE DAY: Brent crude has rallied nearly $8 year-to-date — it’s the best start of the year (in absolute terms) since the Brent futures was launched more than 30 years.

In % terms, Brent is up ~16%, the best start of the year since 2001 | #OOTT Chart via @TheTerminal pic.twitter.com/WKvLe04KjA

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