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Oil prices: a second week of gains

Category: Economy

Date: 2020-08-14T08:04:32+0000
Oil prices: a second week of gains

Shafaq news/ Oil prices were higher on Friday and on track for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide.

 

By 05:50 GMT Brent crude LCOc1 was up 14 cents, or 0.3%, at $45.10heading for a gain of about 1.6% this week.

 

West Texas Intermediate CLc1 had gained 11 cents, or 0.3%, to $42.35. The U.S. benchmark is heading for a gain of around 3% this week.

 

Still, the International Energy Agency has reduced its oil demand forecast for this year, and said lower air travel due to the COVID-19 pandemic would cut global oil consumption this year by 8.1 million barrels per day (bpd).

 

The Organization of the Petroleum Exporting Countries (OPEC) said earlier this week that world oil demand is likely to drop by 9.06 million bpd this year, a bigger decline than the 8.95 million bpd decline expected a month ago.

 

OPEC and allies including Russia, collectively called OPEC+, cut output since May by around 10% of typical global demand to tackle the fallout from the global health crisis.

Russian Energy Minister Alexander Novak said he does not expect quick decisions on output cuts when an OPEC+ group monitoring committee meets next week, Russian news agencies reported on Thursday.


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