Oil prices rally on faster output cuts

Oil prices rally on faster output cuts

Oil has extended its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic. Crude prices have had one of their most tumultuous weeks ever. US West Texas...
Oil prices rally on faster output cuts

China cuts lending rate to boost economy

China has cut its benchmark lending rate for the second time this year to reduce corporate borrowing costs and ease the impact of the coronavirus crisis on the world’s second-largest economy, according to state-run Xinhua news agency. The People’s Bank of...
Oil prices rally on faster output cuts

OPEC cuts demand forecast; prices mixed

Oil prices were mixed overnight, as Brent crude rose modestly while US futures ended unchanged at an 18-year-low after some European countries said they would relax coronavirus restrictions even though OPEC lowered its global oil demand forecast. Brent futures gained...
Oil prices rally on faster output cuts

Oil price up on hopes of production cuts

Oil futures strengthened late in the session, buoyed by hopes that OPEC and its allies will strike a production cut agreement on Thursday. Crude has collapsed in 2020 because of a slide in demand due to the coronavirus pandemic and excess supply. Brent dropped to...
Oil prices rally on faster output cuts

US pushes back on call for oil output cuts

Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. However, the US...