US negotiators agree massive coronavirus stimulus bill

US congressional leaders have reached agreement on a major stimulus package designed to help the economy through the coronavirus outbreak.

"After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic," US Senate majority leader Mitch McConnell said. "We're going to pass this legislation later today."

Senate minority leader Chuck Schumer confirmed a deal had been reached.

Details of the final package are unclear, but Senate negotiators and President Donald Trump's administration yesterday expressed optimism they would soon reach agreement on a $2 trillion stimulus package.

Crude futures rose, with the Nymex front-month May contract at $24.74/bl shortly before GMT, up by 3pc from yesterday's close. The Ice front-month May Brent contract rose by 2pc to $27.70/bl.

The prospect of a stimulus deal being reached helped send the US Dow Jones Industrial Average up by 11.4pc yesterday.

By Kevin Foster

source: Argus Media