View full page at energyexch.com

 

Oil rises as hopes build for global production cut

From reuters.com

Oil prices clawed their way into positive territory on Tuesday as hopes that the world’s biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.Brent crude LCOc1 was up 83 cents, or 2.5%, at $33.88 a barrel by 0936 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude CLc1 was up 95 cents, or 3.6%, at $27.03, having dropped nearly 8% in the previous session. “Oil prices are holding their ground with market expectations building on an agreement for an output reduction of 10 million barrels ... (full story)

Story Stats

  • Posted:
  • Category: Fundamental Analysis