Oil futures jumped for a second consecutive session on Friday, and US crude and Brent crude futures recorded their largest gains in percentage terms.
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Since the start of trading in record crude contracts, thanks to hopes that a global agreement to reduce supplies around the world may be reached next week.
In Thursday’s session, oil recorded the largest one-day jump in the history of crude markets, due to the potential for supply cuts equivalent to between 10 percent and 15 percent of global demand. The sharp recovery came from weeks of losses after US President Donald Trump said Russia and Saudi Arabia would negotiate an end to a price war that pushed crude prices last month by more than half. Trump also said that the United States has not agreed to cut production.
Friday’s price rally continued and Brent crude futures jumped $ 4.17, or 13.9 percent, to settle at the settlement of $ 34.11 a barrel.
Brent contracts jumped as much as 47 percent on Thursday, recording the highest percentage gains in trading in a single day, before closing up 21 percent.
Brent contracts end the week up 36.8 percent, which is its largest weekly gain in percentage terms in the history of world record crude contracts.
US benchmark West Texas Intermediate crude futures ended the trading session higher, $ 3.02, or 11.93 percent, to settle at the settlement of $ 28.34 a barrel. US crude contracts end the week on gains of 31.8 percent, which is also its largest weekly gain ever.
OPEC is scheduled to hold an emergency meeting on Monday, led by Saudi Arabia, where cuts equivalent to 10 percent of global supplies, or about 10 million barrels per day, may be agreed upon.
Fatih Birol, CEO of the International Energy Agency, said that even if the OPEC + group cuts supplies by ten million barrels per day, global oil stocks will increase by 15 million barrels per day in the second quarter of the year.