Brent crude prices surged 20% before giving up some gains as the market took note of emergency reserves held globally
The price of Brent crude spiked 20% to a high of $71.
95 a barrel when Asian trading opened on Monday, which would have been the global benchmark’s biggest one day rise in more than 30 years. But by the U.S. morning, Brent had retreated to $65.75, a gain of 9.2%, as traders gauged how much extra inventory is available to meet the demands of the global economy.
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