The price of oil is rebounding from a February plunge, adding another 3 percent to the surge it made on Friday.
Oil prices fell dramatically in mid-February, but had been steadily climbing back as the number of new cases of the coronavirus in China slowed. In the last week, however, reports of the spreading virus knocked prices down.
The benchmark for U.S. crude oil fell 16 percent during the week, settling Friday at $44.76 a barrel. Brent crude, the international standard, dropped 14 percent for the week to its lowest levels since July 2017, closing Friday at $50.52 a barrel.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US and West Newton in the UK.