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Oil pumping jacks, also known as “nodding donkeys”, operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020.

Oil prices firmed yesterday after US President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilising energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

Brent crude was up by 84 cents, or 3,7 percent, at $23,60 a barrel, after closing on Monday at $22,76, its lowest finish since November 2002.

US crude was up by $1,56, or 7,8 percent, at $21,66 a barrel, after settling in the previous session at $20,09, its lowest since February 2002.

Oil markets have faced a double whammy from the coronavirus outbreak and a race to win market share between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March.

Trump and Putin agreed during a phone call to have their top energy officials discuss stabilising oil markets, the Kremlin said on Monday. – Reuters.