Open Live Account

By Sonali Paul

MELBOURNE (Reuters) – Oil prices rose in early trade on Friday, on track for a third straight week of gains, buoyed by major oil producers’ efforts to hold back output amid concerns about the economic recovery from the coronavirus pandemic.

U.S. West Texas Intermediate (WTI) crude (CLc1) futures inched up 8 cents, or 0.2%, to $42.90 at 0158 GMT, on course for a 2% rise for the week.

Brent crude (LCOc1) futures rose 16 cents, or 0.4%, to $44.07, heading for a weekly rise around 0.5%.

Both benchmark contracts fell around 1% on Thursday on economic concerns after weekly U.S. jobless claims came in higher than expected.

Meanwhile, an internal report by the Organization of the Petroleum Exporting Countries and allies, showed the group known as OPEC+ was focused on ensuring that members who had overproduced against their commitments would cut their output, as flagged following an OPEC+ meeting on Wednesday.

Reuters reported that OPEC+ found some members would need to slash output by 2.31 million barrels per day to make up for their recent oversupply.

“They’re really focusing on the compliance from OPEC members. They’ve called out Iraq and Nigeria for not complying. That’s all been very good for supporting prices,” said Louis Crous, chief investment officer at BetaShares Capital, an exchange-traded fund provider in Australia.

The internal report flagged demand risks, showing OPEC+ expects oil demand in 2020 to fall by 9.1 million bpd, 100,000 bpd more than in its previous forecast.

And it found if a prolonged second wave of infections hits China, India, Europe and the United States in the second half of the year, demand could fall by 11.2 million bpd in 2020.

“My expectation would be demand continues to be quite a bumpy recovery,” said Lachlan Shaw, National Australia Bank’s head of commodity research.

Analysts said they could see Brent holding near $45 a barrel but did not expect the market to push much higher in the near term.

“It’s difficult to see conviction either way. From a seasonal perspective, you’d probably anticipate things to weaken a bit,” Shaw said.

Source :

Legal: This website is operated by TRBHInternational Limited
Trading Rebate Broker is the TRBHInternational Limited , Room 2204,299QRC, 287-299 Queen’s Rond,Central
TRBHInternational Limited was incorporated on 05-JUN-2020 as a Private company limited by shares registered in Hong Kong. It’s company registration number is: 2949329.

Hong Kong Companies Directory – About TRBHInternational Limited’s information may come from different sources and aggregate fill. All information published on our website are for reference only. If you want to update any information on this page, please use your company’s official email account to contact us. When you give us your information, you do not need to spend any cost. Our goal is to help every business growth. This information may have been updated since the last change,please visit the official website of hong kong companies registry to check the latest results.

Risk Warning: Forex and CFD trading involves a significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.