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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 per barrel by 11:58 PM ET (0358 GMT), on course for a four-month high. It closed 1.9% lower on Thursday, though it had almost fully rebounded from its lowest since July 10.
U.S. Crude headed for its third-month high, trading higher by 0.5% to $40.13 per barrel after it had plunged 3.3% in the previous session.
However, oil demand still faces headwinds as a second resurgence of the COVID-19 pandemic continues to ravage the global economy.
The Organization of the Petroleum Exporting Companies and its allies (OPEC+) have agreed to increase oil output on Saturday onwards, adding around 1.5 million barrels a day to global supply.
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 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
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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