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Oil prices extend gains on output cuts, tension in Middle East

by ChemOrbis Editorial Team -
  • 24/04/2020 (10:13)
Oil prices accelerated their recent upward trend on Thursday amid reports on continued production cuts and the rising tensions in the Middle East.

US West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange (NYMEX) jumped $2.72 to settle at $16.50/barrel, while Brent crude futures on ICE Futures Europe rose 96 cents to settle at $21.33/barrel on Thursday.

According to the reports, Kuwait has started cutting output ahead of the date when the OPEC deal was supposed to take effect.

The rising tensions between the US and Iran also played a part in Thursday’s higher settlement.

Oil prices continued to rise during intraday sessions on Friday, with WTI futures tacking on $3.15 to stand at $17.02/barrel and Brent futures gaining $1.41 to reach $21.63/barrel as of 6:45 GMT.

The intraday trade was in part supported by a new coronavirus aid package the US Congress has recently approved.

Oil witnessed a tumultuous week, during which WTI futures fell into a negative territory on Monday to minus $37.63/barrel while Brent futures slumped to their lowest in two decades.
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