Commodity News
HeadLine : Oil prices bounce back from three-week lows, but economic headwinds loom
Date : Jul 31 2020
Brent crude was up by 40 cents, or 0.9%, at $43.34 a barrel. On Thursday, Brent closed down 1.9% but had recovered much of the ground lost from the lowest level since July 10. U.S. crude gained 35 cents, or 0.9%, to $40.27 after dropping 3.3% the previous session, again recovering from lows not seen since July 10. That leaves Brent on track for a fourth month of gains, while U.S. crude is heading for a third consecutive month of increases, as the contracts have recovered from the depths reached in April when much of the world was in lockdown. But as a second wave of infections rages around the world, the threat to oil demand is becoming apparent. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively plan to increase production from Saturday, adding about 1.5 million barrels per day to global supply. 

Source : Reuters

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