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| Commodity News |
| HeadLine : |
U.S. crude climbs after White House comments on Saudi-Russia dispute |
| Date : |
Mar 20 2020 |
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U.S. crude and global benchmark Brent have both collapsed about 40% in the last two weeks since talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, broke down which led Saudi Arabia, the world's biggest oil exporter, to ramp up supply. The more active West Texas Intermediate (WTI) crude futures contract for May CLc2 was up 43 cents, or 1.7% at $26.34 a barrel. U.S. crude futures for April CLc1 rose 56 cents, or 2% to $25.78 a barrel. The front-month April contract expires later on Friday. Brent crude futures LCOc1 slipped 3 cents, or 0.1%, to $28.44 per barrel. Brent rose 14.4% on Thursday in its biggest one-day gain since September last year. U.S. crude prices were also supported by the country's plans to buy crude for stockpiling after the U.S. Department of Energy said it would buy up to 30 million barrels of crude oil for the Strategic Petroleum Reserve by the end of June. Overall market sentiment still remains clouded by concerns the coronavirus epidemic will continue to suppress economic activity around the world, while markets are awash with cheap supplies due to the Saudi Arabia-Russia price war.
Source : Reuters
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