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Iran, against which the US can restore sanctions, opposed the increase in oil prices. As Bloomberg reports, this is a signal of a split with other OPEC members. Iran's political rival, Saudi Arabia, supports OPEC's readiness to continue the tightening of the oil market. Iranian oil minister Bijan Zanganeh said that his country supports “reasonable” oil prices and is not a supporter of more expensive oil. The “right price” for crude is the price from $60 to $65 per barrel, his deputy Amir Hossein Zamaninia said. Saudi Arabia wants the price of oil to approach $80 per barrel. The next meeting of the OPEC countries is to be held next month in Vienna.
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 ...
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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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