Oil prices rose on Friday, after touching the lowest level in three weeks in the previous session, in response to a record decline in US growth as the Corona virus afflicts the largest economy and consumer of oil in the world.
Brent crude rose 41 cents, or one percent, to $ 43.35 a barrel by 07:02 GMT. On Thursday, Brent closed down 1.9% after touching its lowest level since July 10.
And US crude gained 43 cents, or 1.1%, to $ 40.35, after falling 3.3% in the previous session, rising from low levels not seen since the tenth of July.Brent is on track for fourth-month gains, while US crude is heading for the third monthly gain, and the benchmarks rose from lows in April when most of the world was in isolation measures.
But increasing casualties again and spreading around the world highlights the constant threat of oil demand.
The Organization of Petroleum Exporting Countries (OPEC) and its allies plan to increase production from next Saturday, adding about 1.5 million barrels per day to global supplies.
Globally, gloomier economic expectations prevailed, as increased Corona virus infections risked renewed public isolation measures and threatened any recovery, according to a Reuters poll of more than 500 economists.
This was confirmed by news Thursday that the gross domestic product in the United States fell at an annual pace of 32.9%, the largest decline in output since records began in 1947.
In Germany, a record drop in output occurred, as Europe’s largest economy contracted by 10.1% on a quarterly basis in the April-June quarter.
Data from the Ministry of Industry today showed that Japan’s oil imports fell by more than 30% in June to about 1.9 million barrels per day, while sales of oil products fell ten percent.