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Oil futures advanced on Thursday continuing its positive performance the previous day. Such activity was brought by upbeat investor sentiment over the possible advances against the virus contagion in China, expecting that this will boost fuel demand in the world’s largest oil importer.
Brent futures advanced by 98 cents, equivalent to 1.8%, to $56.26 per barrel at exactly 0311 GMT. Upbeat performance followed after its 2.4% increase in its previous session. US West Texas Intermediate (WTI) acquired $1.08%, equivalent to 2.1%, to $51.83 per barrel, with previous increase of 2.3% on Wednesday.
“Oil markets are rebounding from the 5-day slide as investors turn optimistic that OPEC+ officials will deliver an appropriate response to ... the spread of the coronavirus,” said Stephen Innes of AxiCorp.
Organization of the Petroleum Exporting Countries and its associates are to have their meeting on Thursday to discuss concerns including oil output reduction in order for prices to recuperate from its consecutive days of underperformance. Such slump was due to economic slowdown and weak energy demand caused by the virus contagion.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
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 ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
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 ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
KYC Policy