Opec and Russia agreed on Thursday to make deep cuts to oil production, ending a weeks-long market-share war that put further pressure on prices already reeling from the biggest demand collapse in history.
Energy Markets
Energy Market Report: MCX Crude Recovers In Asia
Crude oil recovered in Asia today after witnessing sustained losses yesterday The WTI Crude futures tested a low near $55.40 per barrel and edged up. The counter currently trades at $56.40 per barrel, up 0.30% on the day even as the global growth worries stayed in place. MCX Crude oil futures ended at Rs 3940 per barrel, down 1.70% on the day.
Crude Oil Kiss 3 Month High on OPEC Cuts
Gold Silver Reports (GSR) – Crude Oil prices rose to their highest levels since November last year on Monday, lifted by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela.
China-U.S. Trade Talks ‘Making a Final Sprint’: State Media
Chinese state media on Saturday expressed cautious optimism over trade talks between the United States and China, a day after President Xi Jinping said a week of discussions had produced “step-by-step” progress.
Crude Oil prices Rise on OPEC Output Cuts, as U.S. Sanctions Bite
Gold Silver Reports (GSR) – The ongoing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped prop up WTI, traders said.
Crude Prices up 1 Percent on Supply Report
International Brent crude oil futures were up 67 cents, or 1.1 percent, at $62.17 a barrel by 1230 GMT. U.S. West Texas Intermediate (WTI) crude futures rose by 51 cents, or nearly 1 percent, to $53.52.