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Oil prices hit one-month highs on output cuts, demand signs

18 Mai, 2020, 16:41 | Auteur: Auguste Feret
  • Oil prices hit one-month highs on output cuts, demand signs

Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of a gradual recovery in demand amid easing coronavirus curbs, with USA oil showing no signs of last month's contract expiry price rout. The U.S. economic recovery could stretch through the end of next year, he said in comments broadcast on American TV on Sunday night.

" Citing statistics, on Friday's (May 15th) closing bell, US WTI (West Texas Intermediate) crude futures' prices skyrocketed 6.8 per cent to $29.43 per barrel after jumping as much as 9 per cent on Thursday (May 14th), while Brent crude futures' prices surged 4.4 per cent to wind down the day at $32.50 a barrel following a 7 per cent rise in the previous session".

The company was up 5.4% to £12.39, while BP (BP.) gained 5.5% to 312.8p as USA crude oil benchmark WTI traded above $30 per barrel and global yardstick Brent headed in the direction of $34 per barrel.

"Optimism on the demand side of the oil equation has helped prices climb further, with gasoline demand coming back as governments ease confinement measures", said Rystad Energy's senior oil markets analyst Paola Rodriguez Masiu.

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Tthere was little indication of WTI repeating the historic plunge below zero seen last month.

One of the oil market's most obvious signs of oversupply - millions of barrels being stored on tankers all over the world - is showing very tentative signs of shrinking.There's a risk OPEC+ compliance with production cuts could be tested as oil prices recover and economies start to open up in the second half of the year, said analysts at ANZ and Mizuho Research Institute.He survived a bombing that left him badly wounded, shrugged off accusations of arms smuggling, and defended Iran's oil interests through war and sanctions.

Also supporting oil prices are production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russian Federation, a grouping known as OPEC+.

Production is also falling as US energy firms cut the number of oil and natural gas rigs operating to an all-time low for a second consecutive week.

Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait's Al Rai newspaper reported on Saturday.

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