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Brent Oil Rises Above $32 On Hopes Of Output Deal


Friday, 3 April 2020 18:52 WIB

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Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.

Brent crude LCOc1 futures were up 9.3%, or $2.79, at $32.73 a barrel by 10:14 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record. It closed 21% up, still about half the $66 at which it was trading at the end of 2019.

U.S. West Texas Intermediate (WTI) crude CLc1 also moved back into positive territory, rising 4.8%, or $1.22, to $26.54 a barrel after advancing by 24.7% on Thursday.

U.S. President Donald Trump on Thursday said that he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million barrels per day (bpd), representing 10-15% of global supply. Trump said he had not offered to cut U.S. output.

Source : Reuters


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