There won't be a quick rebound in prices "in any event" because of the demand destruction caused by the coronavirus crisis, said Helima Croft of RBC Capital Markets.
The Bank of England has agreed temporarily to finance government borrowing in response to COVID-19 if funds cannot immediately be raised from debt markets.
The U.S. has reported the world's highest number of coronavirus cases at more than 400,000, with over 14,000 deaths, according to data compiled by Johns Hopkins University.
The U.S. unemployment claims report for the week ended April 4 is set to be out at 8:30 a.m. ET Thursday, with more than five million expected to have filed for unemployment last week as the country continues to grapple with the coronavirus pandemic..
Currently, more than 70 countries are participating in the World Health Organization (WHO)'s trial to accelerate research on effective treatments, and around 20 organizations are in the race to develop a vaccine, according to WHO Director-General Dr. Tedros Adhanom Ghebreyesus.
The economic impact of the coronavirus pandemic could cascade from a health catastrophe into a financial crisis in countries struggling to cope, Singapore's trade minister warned on Thursday.
According to Charnvirakul, intensive measures announced last month have helped control the spread of the coronavirus but social distancing efforts needed to be stepped up.
The company applied for the clearance on April 2, saying it had an "immediate need" as it saw a potential for its systems to reach maximum capacity in the Asia-Pacific region within the next six months,
Initial optimism was dented this week after leading British scientists revealed that none of the tests they had tried so far were accurate enough to be of any use, NBC News reports.
President Donald Trump criticized the international agency's response to the outbreak, saying the WHO "really called, I would say, every aspect of it wrong."