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SINGAPORE- Oil prices soared more than 1% on Thursday after its underperformance the previous day on a lower-than-expected increase monitored in the United States. However, earnings were restricted by ambiguity whether major oil manufacturers will implement deeper output reduction.
Brent crude LCOc1 advanced 78 cents, equivalent to 1.5%, and was last quoted at $51.91 per barrel at exactly 0202 GMT. The U.S. West Texas Intermediate (WTI) CLc1 added 69 cents, equivalent to 1.5%, and last stood at $47.47 a barrel.
Saudi Arabia demands a cut of 1 million up to 1.5 million barrels per day and to hold 2.1 million bpd until the last quarter of the year. However, Russia remained hesitant in supporting Saudi Arabia and other associates of the Organization of the Petroleum Exporting Countries (OPEC) in implementing deeper output reduction. The said scheme is aimed at equalizing the effects of novel coronavirus on oil demand.
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 ...
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 ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
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