Tuesday, 07 July 2020
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Oil Up after Saudi Arabia Raises Prices But Oversupply Worries Persist
Friday, 8 May 2020 08:44 WIB | ENERGY |Minyak WTI BerjangkaMinyak jenis Brent

Oil ended the week by clawing back its losses from the previous session on Friday morning in Asia.

Brent oil futures rose 1.94% to $29.98 by 9:28 PM ET (02:12 AM GMT) and WTI futures gained 2.29% to $24.09.

Although WTI futures swung from dropping1.83% to jumping over 11% on Thursday , they were up 19% for the week.

Some investors are cautiously optimistic with lockdown measures continue to be loosened in the U.S. leading to slow but steady increases in demand in the country.

Meanwhile other investors continued to warn that storage spaces are fast filling up even after OPEC+ and some U.S. producers cutting production, with spaces expected to fill within weeks.

Investors will also be monitoring WTI futures™ transition from the June to the July contract on May 19.

Source: Investing.com

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