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On Friday, oil prices rose sharply after OPEC members agreed on an increase in production. By 18:43 Moscow time, August futures for Brent crude oil rose by 1 dollar 49 cents to 74 dollars 54 cents a barrel. The price of August futures for WTI crude oil rose by 2 dollars 57 cents to 68 dollars 11 cents a barrel. Saudi Energy Minister Khalid al-Falih told reporters that OPEC members agreed on an overall increase in oil production by 1 million barrels per day. However, according to him, the actual increase in production will be lower taking into account the problems in a number of OPEC countries. Dow Jones writes that, according to experts, the potential shortage of oil in the world market will be 1 million 800 thousand barrels per day, so do not expect an excess due to the planned OPEC increase in production.
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 ...
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 ...
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 ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
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