Output cuts of 9.7 million barrels per day by the Organisation of Petroleum Exporting Countries, Russia and other producers, known as Opec+, began today. — Reuters pic
Brent for July fell 45 cents, or 1.7 per cent, to US$26.03 at 1025 GMT. US crude for June slipped 46 cents, or 2.4 per cent, to US$18.38. Both benchmarks rallied sharply yesterday. Brent rose 12 per cent and US crude gained 25 per cent. Demand is likely to underperform, analysts at JBC Energy said, offsetting producer efforts to tackle the supply glut.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil rises further above US$26 as Opec+ begins record cutsHowever, there are doubts the reduction will be enough as demand is unlikely to recover rapidly. FMTNews OPEC Oil
Source: fmtoday - 🏆 5. / 72 Read more »
US could store another 'several hundred million' barrels of oil, says Mnuchin | Malay MailWASHINGTON, April 30 — President Donald Trump yesterday said his administration will soon release a plan to help US oil companies, which Treasury Secretary Steven Mnuchin said could include adding millions of barrels of oil to already-teeming national reserves. Mnuchin did not provide details on...
Source: malaymail - 🏆 1. / 86 Read more »
Palm oil exports decline 41.7pc over MCO | Malay MailKUALA LUMPUR, April 30 — Exports of palm oil products had declined significantly by 34.8 per cent year-on-year (y-o-y) or 793,257 tonnes to 1.48 million tonnes during the movement control order (MCO) period up to April 14, 2020, from 2.28 tonnes recorded in the same period last...
Source: malaymail - 🏆 1. / 86 Read more »
Crude crash brings down Singapore oil tycoon | Malay MailSINGAPORE, May 1 — Singapore tycoon OK Lim built up his oil empire from a single-truck outfit through hard work and high-risk gambles, a rags-to-riches tale that made him a legend among crude traders. But it all came crashing down when oil markets were plunged into unprecedented turmoil by the... Once a Behemoth in oil trade!
Source: malaymail - 🏆 1. / 86 Read more »
Poll: Oil prices set for deeper fall in 2020, even as lockdowns ease | Malay MailNEW YORK, April 30 — Oil prices are headed for further falls this year even as countries ease restrictions related to the coronavirus crisis, while output cuts by top producers will do little to fix a supply glut, a Reuters poll showed today. The survey of 45 analysts forecast Brent crude would...
Source: malaymail - 🏆 1. / 86 Read more »
Oil rebounds above US$14 after massive sell-off | Malay MailSINGAPORE, April 30 — US oil prices rebounded above US$14 (RM60) a barrel yesterday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns. West Texas Intermediate, the US benchmark, for June delivery jumped 14.5 per...
Source: malaymail - 🏆 1. / 86 Read more »