Oil is stabilizing at its low levels, with growing concern over low demand

Oil was unable to sustain its gains and there was little change in its prices today, as continuing fears intensified from the major repercussions of the CoronaVirus pandemic on demand, casting a shadow over the expected US economic support package of two trillion dollars.

There was pessimism among analysts regarding the expected recovery of oil prices amid the spread of the pandemic and the ongoing price war between Russia and Saudi Arabia.

It is noteworthy that Brent crude futures are down 33 cents, or 1.1%, to $ 26.72 a barrel, while US West Texas Intermediate crude fell 21 cents, or 0.9%, to

"Nobody knows how the world will stop ... It is highly unlikely that oil prices will continue the path of stability," said Edward Moya, chief market analyst at New Zealand

Earlier in the session, Brent and West Texas were up more than 5%.

Meanwhile, US gasoline contracts rose more than 30% during the day but lost their current gains to around 14%.