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Oil prices hit more than one-month highs on Friday after gaining over 3% amid signs of demand recovery.
Brent crude rose 3.9%, or $1.21, at $32.34 per barrel, gaining 3% for the week.
U.S. West Texas Intermediate climbed 3.3%, or 92 cents, at $28.48 per barrel. The benchmark is heading for its third week of gains.
The market mood remains gloomy, but demand recovery is underway as Chinese refineries and global oil supply increased.
The International Energy Agency forecasted global crude stockpile to drop 5.5 million bpd. Barclays forecasted Brent and WTI to be traded at $5-$6 per barrel in 2020.
Meanwhile, Saudi Arabia, OPEC’s leading oil producer, plans to cut output to nearly 5 million bpd. This came after the agreement between OPEC+ to cut production by 10 million bpd.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
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 ...
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, ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
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