Oil rises for second day on global demand recovery hopes

2020-06-26 09:36:43 GMT (Economies.com)
Oil rises for second day on global demand recovery hopes

Oil prices rose in European trade for another session on hopes for a strong recovery for global demand and amid steps to relax strict Covid 19 quarantine measures. 

 

US crude rose 0.55% to $39.28 a barrel, while Brent climbed 0.7% to $41.68 a barrel. 

 

US crude marked a 2.7% profit yesterday, the first three days away from week lows at $37.10, while Brent added 2.9%. 

 

Satellite images showed strong traffic rebound in China, the US, and Europe after the Covid-19 led slump for months, while international air travel is resuming operations as well. 

 

Global demand tumbled over 30 million barrels, or 30% due to the Great Closure that was forced on the global economy due to the coronavirus pandemic. 

 

However in the US, official data showed crude inventories hit a new record high while output rose for the first time in three months, raising concerns of another supply glut. 

 
 
 
  Symbol Last Change Chg.%
1.1246
-0.0031
0.2718%
1.2486
0.0178
1.4462%
Tadawul
7312.24
58.91
0.81%
18.047
0.268
1.507%
40.285
1.510
3.894%
42.80
-0.34
0.79%
1774.730
3.115
0.176%
 
 
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