Oil prices gained on Thursday to their highest since early March as lower U.S. crude inventories and production cuts eased worries about oversupply.
Brent crude futures for July contract rose 1.7%, or 62 cents, at $36.37 per barrel. U.S. West Texas Intermediate crude futures climbed 1.8%, or 61 cents, at $34.10 per barrel.
Both benchmarks rose to their highest since March 11.
U.S. crude inventories dropped by 15 million barrels last week, according to the Energy Information Administration. Stocks at the Cushing, Oklahoma delivery hub fell by 5.6 million barrels.
Oil prices were supported by OPEC and its allies’ agreed 9.7 million bpd production cut in May and June. Despite the encouraging rally of oil prices, OPEC has not ruled out the possibility of more measures to support the market.
Physical crude markets are indicating a transition from a massive oversupply in April to an unprecedented under-supply in the second half of 2020. However, the lasting economic effects of the coronavirus pandemic still weigh on oil prices.
U.S. Federal Reserve policymakers reiterated their commitment to supporting the U.S. economy amid the fallout.
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 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
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 ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...