Oil prices rise following prior session's massive losses

0 Comment(s)Print E-mail Xinhua, June 26, 2020
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NEW YORK, June 25 (Xinhua) -- Oil prices rose on Thursday as the market was trying to recover from the previous session's considerable losses.

The West Texas Intermediate for August delivery climbed 71 cents to settle at 38.72 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery advanced 74 cents to close at 41.05 dollars a barrel on the London ICE Futures Exchange.

The moves came after a heavy rout on the energy market that saw both crude benchmarks tumble more than 5 percent.

Increased risk aversion put oil prices under pressure, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Thursday, adding "the biggest risk is and remains the recovery of demand, which is now hanging in the balance following a steep rise in new Covid-19 cases."

Earlier this month, the Organization of the Petroleum Exporting Countries and its allies agreed to extend the historic 9.7 million barrels per day production cut till the end of July, in order to tackle a supply glut amid the coronavirus crisis. Enditem

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