Economy Oil prices rise and fall as Russia and Saudi...

Oil prices rise and fall as Russia and Saudi Arabia agree to cut production

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Oil prices traded higher briefly on Thursday after OPEC + members, including Russia and Saudi Arabia, reached a tentative agreement to reduce oil production.

Amenda Bakr, deputy office manager at Energy Intel, plans to cut oil production by 10 million barrels a day for two months from May 1.

Oil producers would then reduce production by 8 million barrels a day from July to December and by 6 million barrels a day from January 2021 to April 2022.

The previous Thursday, Brent crude gained around 10% to hit $ 36.04 a barrel. The commodity was last traded 2.71% to USD 31.95.

Volatility is expected to continue as the outbreak of the corona virus and the resulting slowdown in economic activity put pressure on oil demand.

In March the OPEC meeting ended in a Saudi-Russian price war.

On April 2, President Donald Trump put pressure on Saudi Arabia and Russia to cut oil production. This spurred the Saudis to convene a meeting to achieve a fair oil deal.

The OPEC meeting was not yet over at the time of publication.

Price action

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The United States Oil Fund LP (NYSE: USO) fell 7.26% to $ 4.98 last Thursday during the Direxion Dly S & P Oil & Gs Ex & Prd Bl 3X ETF (NYSE: GUSH) closed 0.7% higher at $ 24.51. “data-reactid =” 29 “> The United States Oil Fund LP (NYSE: USO) fell 7.26% to $ 4.98 last Thursday during the Direxion Dly S & P Oil & Gs Ex & Prd Bl 3X ETF (NYSE: GUSH) closed 0.7% higher at $ 24.51.

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Occidental Petroleum Corporation (NYSE: OXY) stocks fell 1.48% to $ 15.36 at the close and closed the hourly session down 0.85%. Exxon Mobil Corporation (NYSE: XOM) shares fell 1.66% to USD 43.13 at the close and Apache Corporation (NYSE: APA) stocks closed at 7.97% at $ 8.20 at the close and rose another 2.56% in the after-hours session. “data-reactid =” 30 “>Occidental Petroleum Corporation (NYSE: OXY) stocks fell 1.48% to $ 15.36 at the close and closed the hourly session down 0.85%. Exxon Mobil Corporation (NYSE: XOM) shares fell 1.66% to USD 43.13 at the close and Apache Corporation (NYSE: APA) stocks closed at 7.97% at $ 8.20 at the close and rose another 2.56% in the after-hours session.

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Related links:“data-reactid =” 31 “>Related links:

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The oil market continues to leak, analysts say compensation is needed“data-reactid =” 32 “>The oil market continues to leak, analysts say compensation is needed

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Oil price is recovering, analyst says market is facing tsunami of surplus“data-reactid =” 33 “>Oil price is recovering, analyst says market is facing tsunami of surplus

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "See more from Benzinga“data-reactid =” 34 “>See more from Benzinga

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.“data-reactid =” 38 “>© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.

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