Economy

Oil prices broke the monthly record

Oil prices broke the monthly record”

Oil climbed above $30 a barrel in Asia for the first time in more than two months after OPEC said it was hopeful that the worst of the coronavirus-induced market turbulence was over, and as US producers continued to slash their activity.

Futures in NY climbed around 5% after nearly doubling in a run of three weekly advances.

Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait's Al Rai newspaper reported on Saturday.

OPEC+ is responding to the oil market's collapse with an urgency never seen before.

Further, the implementation of the output cut agreement by Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russian Federation, has also supported the prices, analysts said.

The June WTI contract expires on Tuesday, but there was little indication of it repeating a historic plunge below zero last month on the eve of the May contract's expiry.

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"There's been a very sharp reaction by USA producers in cutting output and that's gone a long way in alleviating the stress on the system", said Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group Ltd. Prices are unlikely to drop below $20 a barrel unless there are new and more deadly waves of the outbreak in major economies, he said.

Brent crude LCOc1 was up $1.99, or 6.1%, at $34.49 a barrel by 1041 GMT, its highest degree since mid-April.

On Friday, the 15th of May 2020, both US and United Kingdom crude futures' prices due to be expired on June had witnessed a bullish wave with US WTI crude climbing more than 7 per cent and Brent adding 4.4 per cent, marking up the US crude futures' prices highest level since March, as petroleum demands appear to be surging across the globe with an ease of lockdown in a number of major economies.

There's still a risk, however, that oil's recovery could be derailed if the pandemic worsens.

Positive sentiment prevails as Powell issues optimistic outlook for economic recovery later this year. The last time oil traded above 33 dollars per barrel April 13, 2020. The protesters are demanding the resignation of the governor of Wasit Province, where the field is located, along with his two deputies, said the person, who asked not to be identified because the information isn't public.



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