Oil Prices Rebound, Output Cut, Hopes On Meeting

Oil Prices Rebound, Output Cut

Oil prices rebound on hopes for output cut deal | Malay Mail

Oil prices rebound on hopes for output cut deal | Malay Mail

7/4/2020 11:00:00 PM

Oil prices rebound on hopes for output cut deal | Malay Mail

SINGAPORE, April 7 — Oil prices rebounded today on fresh hopes an Opec-led meeting this week will reach an agreement to reduce oversupply and shore up the market. Prices have fallen sharply since expectations for a quick deal to cut output levels were dashed, but the rescheduling to Thursday of a...

Tuesday, 07 Apr 2020 12:36 PM MYTA sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas November 22, 2019. — Reuters picSINGAPORE, April 7 — Oil prices rebounded today on fresh hopes an Opec-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

Dr Noor Hisham: Asymptomatic Covid-19 patients can still infect others Miss Universe M'sia says 2017 winner James' remark on US protests offensive MISC appoints ex-minister Noh Omar as chairperson

Prices have fallen sharply since expectations for a quick deal to cut output levels were dashed, but the rescheduling to Thursday of a meeting of major crude producers boosted sentiment.US benchmark West Texas Intermediate was up 3.83 per cent to US$27.08 (RM121.81) a barrel in Asian morning trade.

A barrel of Brent crude, the international benchmark, was trading 2.81 per cent higher at US$33.98.Prices fell to 18-year lows last week as the market wallowed in oversupply arising from a price war between Saudi Arabia and Russia, which have ramped up production.

“Prices recovered some of the early losses, as both Russia and Saudi Arabia suggested they would be willing to cut production but only if the rest of the world followed suit,” ANZ Bank said in a note.“The stumbling block appears to be the US, which is reluctant to join an agreement.”

But with US Energy Secretary Dan Brouillette holding talks with Saudi Arabia and Russia, “the market is hopeful of some sort of agreement,” the bank added.Opec is the Organisation of the Petroleum Exporting Countries of which Saudi Arabia is the biggest producer, while Russia is not an Opec member.

“Ultimately there is hope that cooler heads will prevail, and producers will reconcile and formulate a response that puts a floor under oil prices,” said AxiCorp global market strategist Stephen Innes.“Still, the challenge remains to the extent which producers are willing to cut.” — AFP

Read more: Malay Mail »

Asian markets lifted by hopes on virus but oil in retreat | Malay MailHONG KONG, April 6 — Asian markets rose Monday as some of the world’s worst-hit countries reported falling death rates, providing some much-needed hope in the battle against the coronavirus, though oil prices were rocked after a meeting of top producers was delayed. While the disease continues...

All firms in Singapore to get 75 per cent wage subsidy in April | Malay MailSINGAPORE, April 7 — To help companies retain and pay their workers during the “circuit breaker” period, Deputy Prime Minister Heng Swee Keat today announced a slew of measures to support businesses, such as higher wage subsidies, cuts in foreign worker levies, an extension on rental waivers...

Ismail Sabri: Only Malaysians certified free of Covid-19 can return home from Singapore | Malay MailKUALA LUMPUR, April 6 — Senior Minister Datuk Seri Ismail Sabri Yaakob said today that Malaysians working in Singapore can only return if they have been certified free of the Covid-19 infection by Singaporean health authorities. He said that this is the initial agreement between the Malaysian and...

Singapore unveils US$3.5b in economic spending to combat coronavirus | Malay MailSINGAPORE, April 6 — Singapore announced S$5.1 billion (US$3.55 billion) in additional economic spending such as wage support, waiver of levies and one-off payments to combat the coronavirus pandemic. “This is an unprecedented budget for extraordinary times,” Finance Minister Heng Swee Keat...

Trump says Opec has not asked him for a US oil production cut | Malay MailWASHINGTON, April 7 — President Donald Trump said yesterday that Opec had not pressed him to ask US oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic. Trump said US oil production had already fallen, anyway.... Usa.. Double standard and full of bullying

Oil prices decline US$3 a barrel as market remains uncertain on supply outlook | Malay MailNEW YORK, April 6 — Global benchmark oil prices traded as much as US$3 a barrel lower as the market opened for Monday’s trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut production. Late last week, prices...