Brent rallies for third straight day

2020-06-22 13:54:04 GMT (Economies.com)
Brent rallies for third straight day

Brent crude continued to rise as the US market opened on Monday, to head for the third straight daily gain, on hopes for the global demand to recover, especially as many countries are relaxing the coronavirus restrictions and lockdown.

 

Brent crude rose 2.1% to $42.50 a barrel, after opening at $41.64, and hit a day low of $41.61.

 

Brent crude futures rose 1.3% on Friday, after several OPEC-Plus members confirmed full compliance to the output cuts agreement.

 

Oil prices have gained 8% during the past week, posting the seventh weekly gain in 8 weeks, as the global supply glut fears eased.

 

After some success in containing the coronavirus, several countries started relaxing the coronavirus restrictions and began reopening their economies, which raised hopes for global fuel demand recovery.

 

The global oil demand has fell 30 million bpd or 30%, according to most international energy agencies, in what is now called the "Great Lockdown" of the global economy due to the coronavirus pandemic.

 
 
 
  Symbol Last Change Chg.%
1.1755
0.0045
0.3856%
1.3067
0.0052
0.4015%
Tadawul
7459.21
4.14
0.06%
24.343
0.096
0.396%
41.135
0.700
1.731%
44.38
0.91
2.09%
1975.095
5.740
0.291%
 
 
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