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SINGAPORE- Oil prices increased up to 1% on Wednesday on optimism that major oil manufacturers are close to sealing an agreement implementing deeper oil reduction. The said cuts are aimed at equalizing the decline in demand brought by the novel coronavirus contagion.
Brent crude LCOc1 added 58 cents, equivalent to 1.12%, and last stood at $52.44 per barrel at exactly 0212 GMT. The crude soared further after raking in 4 cents in its previous session. U.S. West Texas Intermediate (WTI) futures CLc1 jumped 53 cents, equivalent to 1.12%, and was last quoted at $47.71 per barrel.
Both contracts met a sharp 27% decline from their 2020-high record in January. The underperformance was mainly from the slump in demand due to the COVID 2019.
An Organization of Petroleum Exporting Countries and other associates known as OPEC+ advised reducing oil outputs by 1 million barrels per day on Tuesday. The recommendation may indicate that Russia and Saudi Arabia, two largest manufacturers under the organization, are heading closer to an agreement to aid prices.
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 outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
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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