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Oil prices steadied on Wednesday after hitting four-year record lows, hit by weak fuel demand, global travel ban, and social restrictions to contain the virus pandemic.
Brent crude went up 0.3%, or 8 cents, at $28.81 per barrel. The international benchmark dropped 4.3% on Tuesday.
U.S. crude slid 2 cents, at $26.93 per barrel. West Texas Intermediate plunged 6% on Tuesday.
The decline in US inventories of gasoline, crude, and distillates underpinned some prices. However, the demand outlook remains gloomy due to the Saudi Arabia-Russia price war.
The world’s wealthiest nations released trillions of dollars of spending to support economies and avoid a fallout due to the pandemic. Social restrictions globally have also heightened at a rate bigger than in World War II.
Elsewhere, Virgin Australia has canceled all international flights and Prime Minister Scott Morrison said that the crisis could last up to six months or more.
Iraqi oil minister called on the Organization of the Petroleum Exporting Countries (OPEC) and its allies to hold an emergency meeting to discuss measures to impose on the oil market.
The Saudi Arabia-Russia price war broke out after the agreed production cut between OPEC+ fell out.
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 ...
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 ...
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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