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Oil prices recovered on Monday as optimism grew that OPEC members and allied oil manufacturers will settle a deal on Thursday. The agreement will mandate oil producers to reduce crude production in order to offset suffering prices due to the novel coronavirus.
Brent crude LCoc1 inched up by 75 cents, equivalent to 2.4%, and last stood at $32.62 per barrel. It salvaged some gains after a 3.6% decline on Tuesday. U.S. West Texas Intermediate (WTI) crude CLc1 added 5.5% and was quoted at $24.93 per barrel. It reversed after a 9.4% setback in its last session.
The video conference between the members of Organization of Petroleum Exporting Countries and other associates is expected to yield a positive outcome. Investors anticipate an agreement since the previous convention back in March had resulted to a price dispute between Russia and Saudi Arabia.
Saudi Arabia and Russia are likely to sign the deal. However, the success of the said truce lies on whether the United States will cooperate, the U.S. Department of Energy said on Tuesday.
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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