Oil trims gains, as Brent rises 11%

Economies.com
2020-04-03 17:01PM UTC

Oil prices rose on Friday, on news of a potential output cut by the OPEC-Plus coalition, and ahead of the Baker Hughes weekly data.

 

Bloomberg reported today that the next week's conference call meeting between OPEC and non-OPEC producers, known as OPEC-Plus coalition, may result in a production cut by 10 million barrels per day.

 

Baker Hughes will release later its count for the oil and natural gas drilling rigs in the US for this week.

 

The dollar index rose against a basket of currencies by 0.5% to trade at 100.7 as of 16:48 GMT, after hitting a high of 100.8 and a low of 100.1.

 

West Texas Intermediate crude rose 6.7% to $27.02 a barrel as of 16:45 GMT, after hitting today's high at $28.5 and the low at $23.5.

 

Brent rose 11% to $32.2 a barrel, with a day high of $34.9 and a low of $28.2.

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