We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

Oil reaches one-month high amid increased signs of demand

Share On Facebook
share on Linkedin

Oil prices have risen more than 3 per cent, reaching more than one-month highs amid signs that demand for crude was slowly increasing with China reporting increased refinery runs.

© Image copyright magnera

Brent crude was up $1.21 cents, or 3.9 per cent at $32.34 a barrel by 0707 GMT, after touching $32.44 the highest since April 14. Brent rose nearly 7 per cent  on Thursday and is heading for a 3 per cent gain for the week after rising the previous two weeks.

West Texas Intermediate (WTI) oil was up 92 cents, or 3.3 per cent, at $28.48 a barrel after reaching $28.54, the highest since early April. WTI rose 9 per cent in the previous session and is also heading for a third weekly increase, up about 15 per cent.

Amid supply cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and other major producers, there are also some positive signs on the demand side.

Recent data released showed China’s daily crude oil use rebounded in April as refineries ramped up operations. However, the market mood remains less optimistic, with the coronavirus pandemic far from over and new cases emerging in some countries where lockdowns have been eased.

Barclays still raised its forecasts for Brent and WTI by $5-$6 a barrel for 2020 and by $16 a barrel for 2021.

The International Energy Agency said it expects global crude inventories to fall by about 5.5 million barrels per day (bpd) in the second half of this year.

On the production side, the OPEC+, had already agreed to cut output by a record of nearly 10 million bpd before Saudi Arabia this week extended its planned reductions for June, pledging to lower supply by nearly 5 million bpd.


For more news go to


CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch:

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: 1-888-992-3836 |