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Oil prices gained on Friday with Brent rising almost 3% after President Donald Trump revealed the guidelines on reviving the U.S. economy.
Brent rose 2.7%, or 75 cents, at $28.57 per barrel. U.S. crude for May delivery was up by 0.1%, or 1 cent, at $19.88 per barrel, while the June contract gained 4.3%, or $1.1, at $26.63.
Trump revealed a three-step guideline into lifting the lockdowns and re-opening the economy.
The mood in the oil and stock markets were lifted by an easing in the health crisis.
However, both Brent and U.S. oil are nearing their second week of consecutive losses, with the latter almost at an 18-year low.
The Organization of the Petroleum Exporting Countries (OPEC) announced a cut in its global oil demand forecast for 2020, adding that it may not be the last cut.
Over the weekend, OPEC and its allies including Russia announced an output cut of 10 million bpd. Non-OPEC oil producers including the United States have also announced a plan to slash production.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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