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TOKYO- Oil prices soared on Friday after global leaders assured fulfilling its promised measure to inject large volume of funds to minimize the economic drag brought by coronavirus contagion. Upbeat performance followed despite the threat of contagion impacting crude demand.
The Brent crude LCOc1 earned 50 cents after suffering for four consecutive weeks. The crude added 2% and was last quoted at $26.84 per barrel by 0116 GMT. It is set to finish its weekly session on a firm note. US West Texas Intermediate CLc1 increased by 60 cents, equivalent to 2.7%, and stood at $23.20. It is viewed to conclude its weekly activity with 3% gains.
Leaders of the world’s top economies promised on Thursday to integrate an estimated $5 trillion into the global economy to minimize job and income declines brought by the novel coronavirus. Moreover, the world leaders swore to “do whatever it takes to overcome the pandemic.”
Currently, cases in the United States have already surpassed the statistics of China and Italy. The country monitored an increase in hospitalizations and scarcity in medical supplies, professionals, and sick beds.
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 dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
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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