For Quick Alerts
For Daily Alerts

Crude Oil Prices Surge To Near 3-Month High On Output Cut Expectations

By Staff

Oil prices in the international market rose to almost $40/barrel, a near three-month high, on optimism that production cuts will stay extended till the world demand recovers amid the COVID-19 pandemic.

The global benchmark for crude oil price, Brent crude, rose 0.6 percent on Wednesday to $39.79 a barrel, the highest since 6 March. It gained 3.3 percent on the previous day.

Crude Oil Prices Surge To Near 3-Month High On Output Cut Expectations

US West Texas Intermediate crude (WTI) gained 33 cents, or 0.9 percent to $37.14, also the highest since 6 March and gained 3.9 percent in the previous session.

Oil prices have been gaining on continuing recovery seen in China and slow opening of other economies after their lockdown to contain the spread of the virus. In April, the benchmarks had seen a sharp correction, in fact, the US WTI crude had hit zero.

According to a Reuters report citing sources, the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia may extend production cuts of 9.7 million barrels per day (BPD), or about 10 percent of global output, into July or August. Their meeting is scheduled to be held on Thursday, online.

Read more about: crude oil oil petrol diesel
Story first published: Wednesday, June 3, 2020, 10:16 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more