Wednesday, February 26, 2020

Oil reaches highest level in 3 months

Featured

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to...

China: Corona virus death toll rises to 2239, and 75,567 infections

China’s National Health Committee announced on Friday that it has received reports of 889 new confirmed cases of the...

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...
Hailey Warner
Hailey Warner
Hailey isn't the biggest fan of Winter, but she's doing her best to embrace the cold weather and snow. You can find her trying out new recipes, playing squash or writing editorials.

Brent crude Oil futures rose six cents, or 0.1%, to $67.98 a barrel, after rising to $68.10, the highest level since September, and U.S. West Texas Intermediate crude futures rose 11 cents, or 0.2%, to $61.79 a barrel.

Thursday’s survey showed that US consumer purchases over the holiday season reached a record high that exceeded analysts’ expectations and pushed US stocks higher.

Oil prices are also receiving support from strong hopes that the new year will see an end to the long-running trade war of tariffs between the United States and China, a dispute that has clouded the outlook for global economic growth and left questions about the future of demand for crude.

The continuing impact of a long period of trade conflict appeared again in data from Japan, the world’s third largest economy, on Friday, which revealed the contraction of industrial production for the second month in November.

But the price of Brent jumped more than a quarter since the beginning of 2019, while West Texas Intermediate crude rose about 35% with the support of the moves of the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, to curb production, and earlier this month, OPEC and its allies agreed to Extend and increase those cuts.

Read also: US economy continued its robust growth pace in the third quarter CY

Hailey Warner
Hailey Warner
Hailey isn't the biggest fan of Winter, but she's doing her best to embrace the cold weather and snow. You can find her trying out new recipes, playing squash or writing editorials.

Latest News

Breaking: Malaysian PM Dr Mahathir submits resignation to the King

Dr Mahathir Mohamad has sent his resignation letter as Prime Minister of Malaysia today. According to the Prime Minister's Office,...

Trump adviser Roger Stone sentenced to 3 years in prison for lying

A federal judge issued a ruling on Thursday against Roger Stone, a longtime adviser to US President Donald Trump, to three years and four...

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to purchase more US goods under...

Voting begins in Iran’s parliamentary elections

The Iranians began voting on Friday in a parliamentary election that is unlikely to change Tehran's troubled relations with the United States, after excluding...

Austrian Parliament: There is no place for ISIS operatives in the country

Herbert Kickel, head of the Parliamentary Bloc of the Freedom Party (the third largest Austrian party), confirmed that anyone who joined the terrorist group...

Related News