Oil prices continued pointing up for both benchmarks on Friday, May 1 as oil producers embark on record output cuts to tackle glut due to the coronavirus crisis.
This led to the first weekly gain for the market in four weeks.
The international benchmark, Brent crude, was up by 0.64 percent or 17 cents to $26.65 per barrel, while the American West Texas Intermediate (WTI) went up by 85 cents or 4.51 percent to sell at $19.69 per barrel.
Friday marked the first effective day of the output ceiling deal signed by members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, known as OPEC+. Early last month, they agreed to reduce supply by 9.7 million barrels per day.
The 23-country OPEC+ coalition agreed to cut the output by 9.7 million barrels per day for two months from an agreed baseline level starting May 1. These countries will also cut 7.7 million b/d between July and December and 5.8 million b/d from January 2021 to April 2022. We can now hope for our economy to gain its much needed boost. Lest hpe the week goes smoothly.
This led to the first weekly gain for the market in four weeks.
The international benchmark, Brent crude, was up by 0.64 percent or 17 cents to $26.65 per barrel, while the American West Texas Intermediate (WTI) went up by 85 cents or 4.51 percent to sell at $19.69 per barrel.
Friday marked the first effective day of the output ceiling deal signed by members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, known as OPEC+. Early last month, they agreed to reduce supply by 9.7 million barrels per day.
The 23-country OPEC+ coalition agreed to cut the output by 9.7 million barrels per day for two months from an agreed baseline level starting May 1. These countries will also cut 7.7 million b/d between July and December and 5.8 million b/d from January 2021 to April 2022. We can now hope for our economy to gain its much needed boost. Lest hpe the week goes smoothly.