Oil rallies on acceleration of output cuts from OPEC nations - Reuters:
Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.
Crude prices have had one of their most tumultuous weeks ever. U.S. West Texas Intermediate crude futures (WTI) CLc1 closed at negative $37.63 on Monday, in the worst sell-off for that contract in history. Global benchmark Brent crude LCOc1 was slammed on Tuesday, hitting a two-decade low before rebounding.
Since the start of the year both benchmarks have lost more than two-thirds of their value. Fuel demand is down about 30% worldwide in April and supply will outstrip demand for months to come due to the pandemic.
Brent rose $1.19, or 5.8%, to $21.56 a barrel by 1:52 p.m. EDT (1752 GMT), while WTI jumped $3.01, or 22%, to $16.78.
No comments:
Post a Comment