Oil mixed as Chinese economy overshadows Trump plan to ease lockdown

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[LONDON] Oil prices were mixed on Friday as news of President Donald Trump's plans to ease the US coronavirus lockdown to get the American economy moving again were quickly overshadowed by China's worst quarterly economic contraction on record. Read more at The Business Times.

That data was released after President Trump laid out a three-stage process for ending US lockdowns.

Brent rose more than US$1 earlier in the session, also boosted by a report detailing encouraging partial data from trials of US company Gilead Sciences' experimental drug remdesivir in severe Covid-19 patients. China's daily crude oil throughput in March sank to a 15-month low, with state refiners maintaining deep output cuts, but there are some signs of recovery as the country begins to ease coronavirus containment measures.

The Organization of the Petroleum Exporting Countries and producers including Russia, a grouping known as Opec+, last weekend agreed on production cuts of nearly 10 million bpd after an earlier oil supply pact collapsed.

 

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