LONDON: Brent crude had its best week in two years, helped by Saudi production cuts and positive US jobs data.
The global benchmark gained almost 10 percent this week after three consecutive weeks of declines.
Despite the rally, markets remain jittery and focused on the outcomes of
talks between the US and China aimed at ending an ongoing trade war.
“Underpinning this wave of buying is mounting evidence that Saudi Arabia
has taken an axe to its oil production,” Stephen Brennock, an analyst
at PVM Oil Associates, told Bloomberg.
The oil market is coming off its worst quarter in four years after
prices fell by a fifth last year over concerns about a global glut of
Saudi Arabia, the world’s biggest crude exporter, trimmed production
last month, bringing overall output in OPEC down 530,000 barrels per day
(bpd) to 32.6 million a day, according to a Bloomberg survey of
officials, analysts and ship-tracking data.
Join Geezgo for free. Use Geezgo's end-to-end encrypted Chat with your Closenets (friends, relatives, colleague etc) in personalized ways.>>