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Oil prices remained steady on Friday but are more likely to rake in more gains mainly from expectations that major oil manufacturers will implement larger oil reduction to aid demand slump in China, the world’s second-biggest oil importer.
Brent crude futures LCOc1 lost 9 cents to $56.25 per barrel at exactly 0224 GMT. Such followed after clocking in 1% from previous session. Brent crude added 3.3% for its weekly activity, its initial jump since week of Jan. 10.
U.S. West Texas intermediate (WTI) futures Clc1 shed 1 cent to $51.41 per barrel. The contract soared 0.5% on Thursday hitting 2.2% mark for its weekly session.
Crude prices plummeted with a total of 20% loss from their 2020 high grounds on Jan. 8 as combination of oversupply concerns, slump in oil demand in China, and coronavirus contagion heavily affected the overall economic progress.
To mitigate the impact low demand, the Organization of Petroleum Exporting Countries and its associate manufacturers weighed on the possibility of cutting oil products by up to 2.3 million barrels per day. In line with this, financial analysts warned that that demand impact contained within China only.
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 ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
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. ...
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