Oil prices made marginal gains on Tuesday, reversing out of earlier losses, as hopes for further cuts in crude supplies took the sting out of concerns that a resurgence of new coronavirus infections around the world could hamper fuel demand.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant
“While the run of COVID-19 headlines emphasise that a demand recovery is likely to be a slow process, it seems unlikely that we see a return to the lockdown measures of 1H,” said Stephen Innes, Chief Global Markets Strategist at AxiCorp, in a note. “Renewed optimism that OPEC+ production cuts could remain in place if we see second-wave concerns intensify have oil prices refusing to enter freefall,” said Edward Moya, senior market analyst at OANDA.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BP Takes $17.5 Billion Write-Down, Expects Oil Price to Stay LowBP is writing down up to $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices and weakened demand amid the global crisis caused by the novel coronavirus.
Read more »
Ecopetrol denounces sabotage of 31 wells at La Cira-Infantas oil fieldColombia's majority state-owned oil company Ecopetrol denounced on Sunday the sabotage of 31 wells at an oil field in the northeast of the country, which put the wells offline and led to oil being spilled.
Read more »
Asian stocks, oil sell off on second wave fearsAsian markets started the week on the backfoot on Monday while oil prices slipped as fears of a second wave of coronavirus infections in China sent investors scurrying for safe-havens.
Read more »
Oil prices drop as rising U.S. coronavirus cases stoke fears of weak fuel demandOil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.
Read more »
Iraq agrees with oil companies on deeper output cuts in June - sourcesIraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.
Read more »
Level Up Your Summer Grilling With These Kebabs With Garlic Citrus OilThe blender hack is genius.
Read more »