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Established in 2006 as a Community of Reality

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Oil prices recover after hitting an 18-year low

rocky
rocky
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Oil prices recover after hitting an 18-year low Empty Oil prices recover after hitting an 18-year low

Post by rocky on Tue 31 Mar 2020, 2:53 am

Oil prices recover after hitting an 18-year low

Oil prices recover after hitting an 18-year low 11-35-2-768x432
  
International: Al Furat News: Oil prices witnessed a strong recovery in Asian trade on Tuesday, a day after its decline to its lowest level in 18 years, while strengthening the steps of decision makers to support the global economy affected by the emerging corona of investor confidence.
And Texas Intermediate rose by 7.3% to record 21.5 dollars a barrel, while Brent International benchmark crude increased by 3.3% to reach 23.5 dollars a barrel.
In New York on Monday, prices fell to their lowest levels since 2002, as West Texas Intermediate barrels fell below $ 20.
Oil markets fell at a time when the world's governments imposed complete isolation measures to prevent the spread of the virus, which caused a decrease in demand for crude.
About two-fifths of the world's population is now isolated in their homes, while the death toll from Covid-19 caused by the emerging corona virus has risen to more than 37,000, at a time when the epidemic is increasing dangerously in the United States.
The crisis worsened after the largest oil producers (Saudi Arabia and Russia) launched a price war that followed disputes over production cuts to support the energy markets affected by the virus.
In its latest steps to gain market share, Riyadh announced on Monday that it will increase its exports by 600,000 barrels per day to reach a record number of 10.6 million barrels per day in May.
But prices recorded a strong rebound on Tuesday, as investors took advantage of falling prices to buy at low prices amid a focus on measures unveiled by world governments to stimulate the global economy, including a trillion dollar package in the United States.
The markets also improved on the background of the contact that took place on Monday between US President Donald Trump and his Russian counterpart, Vladimir Putin, where they discussed oil prices.
Stephen Ennis of Axi Corporation, a pioneer in market strategies, said Trump's call may have been "an attempt to get Russia to sit at the negotiating table with Saudi Arabia or even (to think about the issue) easing sanctions on Moscow, as difficult times call for radical solutions."
He noted that any indication that Moscow and Riyadh would quit their differences would be positive, but added that the markets "do not depend entirely on the matter."
There have also been warnings that oil prices may fall further as the world's reservoirs approach their full capacity. is over
Mohammed Al-Marsoumi


https://alforatnews.com/news/%D8%A7%D9%86%D8%AA%D8%B9%D8%A7%D8%B4-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A8%D8%B9%D8%AF-%D8%A8%D9%84%D9%88%D8%BA%D9%87%D8%A7-%D8%A3%D8%AF%D9%86%D9%89-%D9%85%D8%B3%D8%AA%D9%88%D9%89-%D9%85%D9%86%D8%B0-18-%D8%B9%D8%A7%D9%85%D8%A7%E2%80%8E
rocky
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Oil prices recover after hitting an 18-year low Empty Oil rises from the lowest level in 18 years after Russia and America agreed to hold talks

Post by rocky on Tue 31 Mar 2020, 3:01 am

Oil rises from the lowest level in 18 years after Russia and America agreed to hold talks

Oil prices recover after hitting an 18-year low 19776


Economy News _ Baghdad
Oil recovered on Tuesday after US President Donald Trump and his Russian counterpart, Vladimir Putin, agreed to hold talks to stabilize energy markets, rising from the lowest level in 18 years that he reached due to lower expectations of a new Corona virus epidemic of demand for fuel around the world .
Brent crude, the global benchmark, increased 30 cents, or 1.3 percent, to record $ 23.06 a barrel by 0635 GMT, after recording at Monday's close of $ 22.76, the lowest level since November 2002.
US crude rose $ 1.21, or six percent, to $ 21.30 a barrel, after reaching $ 20.09 at the previous session, when it was the lowest level since February 2002.
Oil markets faced simultaneous pressures from a pandemic and a price war between Saudi Arabia and Russia after OPEC and other oil producing countries failed to agree to a further cut in production to support crude prices in early March.
The Kremlin said on Monday that Trump and Putin agreed during a phone call to hold energy officials of the two countries for discussions on stabilizing oil markets.
An official at the Saudi Energy Ministry said that the kingdom intends to increase its oil exports to 10.6 million barrels per day as of May due to low domestic consumption.
Oil refineries around the world also reduced production rates due to the sharp decline in demand for fuel used in transportation, and sources told Reuters that European refineries reduced production by at least 1.3 million barrels per day.


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