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SINGAPORE- Oil prices recuperated from previous drop and advanced 6% on Tuesday. However, analysts believed that there is very little margin for recovery from sharpest decline in nearly 30 years as Saudi Arabia and Russia are currently caught in a price dispute.
Oil prices’ upbeat activity was enforced by optimism for a settlement and possible US output reduction. But earnings could be capped as the slump in demand continues to persist due to economic implications of the novel coronavirus contagion.
Brent crude futures increased $2.36, equivalent to 6.9%, and were quoted at $36.72 per barrel at exactly 0307 GMT. US West Texas Intermediate (WTI) crude advanced $1.87, equivalent to 6%, and last stood at $33.00 per barrel.
The International Energy Agency said oil demand is likely to meet contraction this year. The agency reduced its yearly outlook and set oil contraction by 90,0000 bpd in 2020.
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 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
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 ...
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