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Prices for oil of leading brands rose by 3% on Friday evening against the background of production cuts by OPEC + countries. The cost of the March futures for the Brent oil rose by 2.47% to 62.69 dollars per barrel. During trading on Friday, the price rose to $63. This is the maximum rate since December 7th. The price of WTI brand futures rose by 3.25% to 53.76 dollars. OPEC + member countries are stepping up efforts to reach an agreement on production cuts. According to the published OPEC + monthly report, production in December fell by 0.78 million barrels per day compared with October. Price Futures Group analyst, Phil Flynn, assesses this event as serious intentions from OPEC +. Participating countries plan to remain in the market, and therefore, to comply with the agreement. The number of rigs in the United States was reduced to 852 units, which also affected the price of March futures. The indicator decreased by 21 installations, having reached the minimum value since May 2018.
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 ...
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. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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