Oil prices extend gains on output cuts, tension in 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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Saudi PP, PE markets reverse course in Feb after 8 months, maintenance schedule busy in Mid-East
- Freight carriers aim to manage supply-demand balance by blanking more sailings
- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year