Oil prices gain amid signs of supply tightening, demand hopes

0 Comment(s)Print E-mail Xinhua, May 22, 2020
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NEW YORK, May 21 (Xinhua) -- Oil prices rose on Thursday, extending recent market gains amid signs of a slowdown in supplies and hopes for a pickup in crude demand.

The West Texas Intermediate for July delivery increased 0.43 U.S. dollar to settle at 33.92 dollars a barrel on the New York Mercantile Exchange. The settlement was the highest since March 10, based on the front-month contracts, according to Dow Jones Market Data.

Global benchmark Brent crude for July delivery was up 0.31 dollar to close at 36.06 dollars a barrel on the London ICE Futures Exchange.

Concerns over a supply glut eased after OPEC-led production cuts and lower U.S. crude inventories.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to cut output by 9.7 million barrels per day for May and June.

U.S. crude oil inventories decreased by 5 million barrels during the week ending May 15, the U.S. Energy Information Administration reported on Wednesday. Analysts polled by S&P Global Platts had been expecting an increase of 2.4 million barrels.

Investors also become hopeful of a demand recovery as more economies began to relax coronavirus-tied lockdown restrictions. Enditem

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