Oil Prices Rise on Signs of Tightening Supplies

SourceAsharq AL-awsat
SectorOil & Gas
CountryGulf

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. Picture taken December 7, 2018. REUTERS/Stringer/Files

Oil prices rose on Thursday, extending strong gains made in previous sessions on expectations of tighter supplies until the end of the year as economies recover from the coronavirus crisis.

Brent crude rose 20 cents, or 0.3%, to $72.43 a barrel at 1335 GMT, after rising 4.2% in the previous session.

US West Texas Intermediate (WTI) crude rose 23 cents, or 0.33%, to $70.53 a barrel, after rising 4.6% on Wednesday.

“Some soft spots have emerged in the oil demand recovery, but this is unlikely to change the outlook fundamentally,” Morgan Stanley said in a note.

Members of the Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, agreed this week on a deal to boost oil supply by 400,000 barrels per day from August to December to cool prices and meet growing...read more...