Oil prices rose on Thursday after a sudden fall in U.S. crude stocks. However, further gains were capped amid a gloomy U.S. economic outlook and fears of a second coronavirus wave.
Brent crude futures climbed 0.2%, or 6 cents, at $29.25 per barrel. U.S. West Texas Intermediate crude futures gained 0.7%, or 18 cents, at $25.47 per barrel.
Prices rose in recent weeks as countries worldwide began easing lockdowns. However, a rise in new cases in China and South Korea raised worries about a possible second wave of infections.
U.S. crude stocks dropped 745,000 barrels to 531.5 million barrels in the week ended May 8. This decline provided a floor for oil prices in early trading on Thursday.
OPEC forecasted that 2020 global oil demand would contract by 9.07 million bpd, worse than its earlier forecast of 6.85 million bpd.
OPEC and its allies including Russia agreed in April to slash production by 9.7 million bpd in May and June. Saudi Arabia said that it will further cut its own production by another 1 million bpd in June.
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 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
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 ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
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 ...