 Welcome, Join Guud Forum Login! Stats: 2,847 Members 4,412 topics Date: Saturday 17 January 2026 at 04:34 AM |
| General: News-Politics-Others, Jobs-Business-Investments, Health, Religion, Romance, How To |
| Science & Technology: Science and Tech, Phones and Tech Reviews |
| Entertainment: Celebrity, Fashion, Sport, Gaming |
| Schools & Education: University, Polytechnics, College of Education, Scholarships, Travel |
| Cryptocurrency: Crypto, Ethereum, BNB, Solana, TON, & Others |
| Webmaster & Security: Security, Programming, Webmasters |
| IMPORTANT UPDATE - January 2026 |
Oil rises above $31 as lockdown easing counter supply glut
Guud Forum /
General /
News-Politics-Others /
Oil rises above $31 as lockdown easing counter supply glut
132 Views | 0 Comments
| Oil rises above $31 as lockdown easing counter supply glut by Sammie(m): Wed 06, May, 2020 12:16pm |
|
Oil rose above $31 a barrel on Wednesday as hopes for a recovery in demand as some countries ease corona virus lockdownsoffset a report showing a higher-than-expected rise in U.S. inventories.
Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by the Organisation of the Petroleum Exporting Countries. Brent LCOc1 was up 79 cents, or 2.6 per cent, at $31.76 a barrel at 0930 GMT, having risen in the past six sessions. West Texas Intermediate (WTI) crude CLc1 added 88 cents, or 3.6 per cent, to $25.44. “Clearly, the optimism of the re-opening of the global economy has supported the oil rally,’’ said Naeem Aslam, an analyst at Avatrade. But in a reminder that a supply glut persists, the American Petroleum Institute said on Tuesday that U.S. crude inventories rose by 8.4 million barrels last week, more than analysts expected. “We’re talking about normalization of supply and demand but we’ve got a long way to go,’’ said Lachlan Shaw, National Australia Bank’s Head of Commodity Strategy. Italy, Spain, Nigeria, and India as well as some U.S. states, began allowing some people to go back to work and opened up construction sites, parks and libraries. Germany’s federal government and 16 states have agreed on ways to ease the lock down. The easing of lockdown should lead to a recovery in global oil demand, which in April was expected to collapse by at least 20 per cent, an unprecedented drop, as governments told people to stay at home. “The data trundling in for April really is shockingly bad.’’
1 Like |
| with God all things are possible[color=blue][/ |
Suggested: » President Muhammadu Buhari Address to the Nation on 27th April regarding the CoronaVirus Emergency « » Naira gains against dollar. « » PDP asks Magu, EFCC Chairman to step aside - Daily Post « » Hushpuppi runs legitimate Businesses, he is not a Fraudster - Lawyer « |
Recommended for you
Oil Rises Above $31 As Lockdown Easing Counter Supply Glut •|
Sections: Health, Religion, Romance, How To, News-Politics-Others, Science and Tech, Phones and Tech Reviews, Celebrity, Sport, Gaming, Fashion, Scholarships, Polytechnics, Travel, University, College of Education, Crypto, Ethereum, BNB, Solana, TON, & Others, Security, Programming, Webmasters, Privacy Policy | Terms & Conditions | Contact Us | About Us | Forum Rules | Sitemap Guud Forum - Copyright © 2019 - 2026. All rights reserved. See How To Advertise.Disclaimer: Every Guud Forum member is solely responsible for anything that he/she posts or uploads on Guud Forum. |