Oil climbs to the highest level in a month with the emergence of indicators of demand in light of the Corona crisis – Al-Manar TV – Lebanon


Oil prices jumped more than three percent on Friday, to touch their highest levels in more than a month, in light of indications of high demand for crude as China announced increased refining consumption rates, and with the end of a week marked by positive news on the supply front.

Brent crude rose $ 1.21, or 3.9 percent, to $ 32.34 a barrel by 0707 GMT, after touching $ 32.44, the highest level since April 14. Brent increased about 7 percent on Thursday and is heading towards a gain of 3 percent a week after rising over the past two weeks.

US West Texas Intermediate crude rose 92 cents, or 3.3 percent, to $ 28.48 a barrel after hitting $ 28.54, the highest level since early April. West Texas crude jumped 9 percent in the previous session and headed towards its third weekly rise, climbing by 15 percent.

In light of the production cuts implemented by the Organization of Petroleum Exporting Countries (OPEC) and other major producers, there are also shining points on the demand side. Data released on Friday showed that daily consumption of crude oil in China rebounded in April as refiners boosted operations.

However, the atmosphere in the market is still not optimistic, with the Corona virus pandemic moving away from the end of new infections and emerging in some countries where the measures of general isolation have been eased.

Barclays raised its forecast for Brent and West Texas US mediator by between five and six dollars a barrel for 2020 and by $ 16 for 2021.

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

Source: Reuters


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