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Oil regains some losses after OPEC and its partners cut production

2019-08-08 11:25 am | Resource: News | No Views : 27

 Oil regains some losses after OPEC and its partners cut production

Crude oil recovered some of the sharp losses it incurred during the previous session as oil futures rose 2% on Thursday at 11:31 am CET.

Prices have supported hopes that OPEC and other major producers will impose further production cuts in a bid to stabilize the market. According to a Saudi official, as reported by several media, the kingdom is in talks with other exporters to limit production in order to stem the decline in crude oil prices. Brent crude fell to its lowest level in seven months on Wednesday due to fears of trade war and the unexpected jump in US oil inventories, while the average West Texas Intermediate (WTI) fell more than 5% during the session.

Oil prices rebounded on Thursday as the Chinese yuan stabilized after a week of unrest and speculation speculated that oil producers may cut supply to support the market. Brent crude and US crude futures fell more than 4 per cent on Wednesday to their lowest level since January on fears of a recession following a wave of interest rate cuts from around the world.

In terms of trade tensions, China's central bank proved the yuan to be undervalued at $ 7.00 - the first time in a decade - but it was not as weak as many had expected, helping to ease fears of currency war. China's exports 3.3% per month, compared to expectations of a 2% decline. On the other hand, imports fell 5.6%, lower than the expected decline of 8.3%.

Oil prices trading
  • Brent crude for October delivery rose 2.06% for sale against $ 57.39 at 11:31 am CET.
  • WTI crude for delivery in September jumped 2.66% to $ 52.45 a barrel at 11:31 am CET.


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