Search

Oil Prices Up Amid Hopes of a Saudi Arabia, Russia Deal - Investing.com

© Reuters. © Reuters.

By Gina Lee

Investing.com - Oil prices rallied in Asia on Thursday morningas hopes rise for a truce between Saudi Arabia and Russia in their ongoing price war.

International  rose 0.7% to $25.79  by 9:43 PM ET (2:43 AM GMT) and U.S.  jumped 3.64% to $21.05, reversing losses in the last session.

U.S. President Trump said at a press conference yesterday that he expected the two producers to come to an agreement within the next few days.

"It's very bad for Russia, it's very bad for Saudi Arabia. I mean, it's very bad for both. I think they're going to make a deal," he added.

While not a major directional driver today, the Energy Information Administration (EIA) said overnight that  rose by 13.8 million barrels last week, a weekly build last seen four years ago.

EIA’s report was in sync with American Petroleum Institute (API)’s  of a 10.485-million-barrel build.

Meanwhile, oil demand continues to shrivel as the number of COVID-19 cases globally shows no sign of decreasinand investors are buckling up for another tough month.

“Global inventories will be chock full by mid-May. I think the market can continue to decline further,” Gene McGillian, a broker and oil analyst at Tradition Energy, told CNBC.

“There’s no signs of reproachment with producers and with further demand destruction we could get another $5 taken from the market,” he added.

Rystad Energy’s Bjornar Tonhaugen was also pessimistictelling CNBC, “April will be one of the toughest months in history for oil, and this is no April fool’s jokeThe market is oversupplied in April to the tune of 25 million barrels per day. There’s nowhere to hide from this tsunami of oversupply.” 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let's block ads! (Why?)



Business - Latest - Google News
April 02, 2020 at 09:39AM
https://ift.tt/39yJija

Oil Prices Up Amid Hopes of a Saudi Arabia, Russia Deal - Investing.com
Business - Latest - Google News
https://ift.tt/2Rx7A4Y

Bagikan Berita Ini

0 Response to "Oil Prices Up Amid Hopes of a Saudi Arabia, Russia Deal - Investing.com"

Post a Comment

Powered by Blogger.