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Oil prices fell earlier on Friday, losing a portion of its gains from the previous session. The decline comes amid uncertainty as to whether OPEC will extend its plan to cut output after the month of June.
Brent oil futures slid by 0.50% to $39.76 per barrel at 9:53 PM ET (2:53 AM GMT), while WTI futures lost 0.80% to $37.11 per barrel.
However, both benchmarks reached its sixth weekly gain amid increased optimism as the global economy slowly recovers from the COVID-19 pandemic.
Investors retreated from the black liquid after OPEC+ failed to reach a conclusion in a highly-anticipated policy meeting on Thursday. OPEC+ has also received accusations that some of its members have not followed through with the agreed production cuts in April.
Russia and Saudi Arabia, the world’s largest producers of oil, have pushed for the extension of output cuts. This could potentially lead OPEC to conduct a ministerial video conference on the weekend if compliance to the cuts were to continue.
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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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