Oil prices hit one-month high as demand shows recovery

135376

Oil prices hit more than one-month highs on Friday after gaining over 3% amid signs of demand recovery.

Brent crude rose 3.9%, or $1.21, at $32.34 per barrel, gaining 3% for the week.

U.S. West Texas Intermediate climbed 3.3%, or 92 cents, at $28.48 per barrel. The benchmark is heading for its third week of gains.

The market mood remains gloomy, but demand recovery is underway as Chinese refineries and global oil supply increased.

The International Energy Agency forecasted global crude stockpile to drop 5.5 million bpd. Barclays forecasted Brent and WTI to be traded at $5-$6 per barrel in 2020.

Meanwhile, Saudi Arabia, OPEC’s leading oil producer, plans to cut output to nearly 5 million bpd. This came after the agreement between OPEC+ to cut production by 10 million bpd.

 

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong
Message: