U.S. crude oil prices climbed on Friday, stretching its gains after the 24% rise on Thursday after President Donald Trump said that he might step in the price war between Russia and Saudi Arabia.
U.S. crude and global benchmark Brent crashed 40% in the last two weeks since the production cut agreed by the OPEC+ failed, causing the Saudi Arabia to ramp up output.
West Texas Intermediate crude futures contract gained 1.7%, or 43 cents, at $26.34 per barrel.
U.S. crude futures grew 2%, or 56 cents, at $25.78 per barrel.
Brent crude futures slid 0.1%, or 3 cents, at $28.44 per barrel, after gaining 14.4% on Thursday.
According to unidentified sources, the Trump administration plans to use a diplomatic approach to convince Saudi Arabia to stop ramping up its supply while threatening Russia of sanctions to reduce production.
U.S. crude prices were lifted after the US Department of Energy said it will buy up to 30 million barrels of crude oil for the Strategic Petroleum Reserve.
Market sentiment remains under coronavirus concerns and fears of suppressed global economic activity. Meanwhile, markets are flooded with cheap supplies due to the Russia-Saudi Arabia price war.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
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 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. ...
On Monday, Deutsche Bundesbank’s President Jens Weidmann said in a newspaper interview that Germany would toughen its auditing and accounting regulations to prevent another scam like the Wirecard scandal. Wirecard AG (WDI), a financial ...
European shares fell earlier on Monday, weighed down by travel stocks after the U.K. placed a quarantine on travelers from Spain as the number of COVID-19 cases continue to surge. The pan-European STOXX index lost 0.5% at 0718 GMT. Meanwhile, ...