Crude Oil Futures End Sharply Higher Again

Trading 01 mai 2020 Donner votre avis

Crude oil prices rose sharply on Thursday, gaining for a second straight session, reacting to reports that some major producers in the U.S. have reduced output.

Traders also appeared to be betting on hopes that a few top producers in the world, including Russia and Saudi Arabia will significantly reduce outputs to bring about some stability in oil prices.

Implied U.S. gasoline demand climbed by 10% to 5.9 million barrels per day last week, suggesting the worst might be behind the oil market. That was the fuel's highest estimated consumption since 27 March but still 37% lower than the same week last year.

The Trump administration is expected to announce a plan to offer loans to the ailing oil industry possibly in exchange for a financial stake, the Bloomberg said, citing two people familiar with the matter.

Still, amid lingering concerns about the economic impact of the coronavirus pandemic, the outlook for global energy demand in the near to medium term remains a major cause for concern.

West Texas Intermediate Crude oil futures for June ended up $3.78, or a little over 25%, at $18.84 a barrel.

WTI Crude oil futures for June ended up $2.72, or about 22%, at $15.06 a barrel, after rising to a high of $16.78 at one point.

Data released by the Energy Information Administration (EIA) on Wednesday, crude stockpiles rose by about 9 million barrels in the U.S. in the week ended April 24, lower than an expected rise of about 11.7 million barrels.

According to the data, crude production in the U.S. fell by 100,000 barrels per day last week.

The material has been provided by InstaForex Company -

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