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SEOUL- Oil prices continued to advance for three consecutive days. Such upbeat activity followed after market sentiment boosted on expectations that primary oil manufacturers will implement deeper output reduction to recuperate from slump in demand brought by coronavirus contagion in China, the world’s second-biggest oil importer.
Brent crude LCOc1 added 17 cents, equivalent to 0.3%, to $55.96 a barrel at exactly 0217 GMT. US West Texas Intermediate (WTI) Clc1 acquired 29 cents, equivalent to 0.6%, standing at $51.46 per barrel.
The Organizations of Petroleum Exporting Countries and its associates commonly known as OPEC+ suggested deeper oil output reduction of 600,000 barrels per day. The reduction was urged to be executed from its 1.7 million cuts in order to recuperate from virus-related demand decline.
The OPEC leveled down its annual demand outlook by 200,000 bpd, eliciting expectations that the organization will implement the recommended cuts this February.
Russian government has yet to release a definite statement about the scheme, but majority of Russian-–based oil refineries agreed on extending the reduction to the second quarter, an insider at Lukoil disclosed on Wednesday.
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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