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Oil prices hiked on Tuesday amid optimism that the world’s top crude manufacturers will agree to reduce output production. The deal is necessary as the coronavirus contagion disrupts the world economy. However, analysts warned that the scheme may only do little in increasing oil demand.
Brent crude LCOc1 gained 73 cents, equivalent to 2.2%, and stood at $33.78 per barrel by 0026 GMT. The upbeat activity was monitored after the crude lost more than 3% on Monday. U.S. West Texas Intermediate CLc1 inched up by 97 cents, equivalent to 3.7%, and was quoted at $27.05 per barrel. It initially met an 8% decline in its previous trading activity.
The world’s leading oil manufacturers including Russia and Saudi Arabia are expected to sign a deal on Thursday. This deal will mandate oil producers to reduce outputs to a specific number but the agreement heavily relies on whether the United States will coordinate.
The possibility of a major recession is more daunting now that there is a worldwide economic shutdown and market inactivity due to the coronavirus contagion.
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 ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
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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