Oil soars to $65 with Saudi supply gamble buoying market bulls | Fin24

  • 📰 News24
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 80%

Nigeria News News

Oil soars to $65 with Saudi supply gamble buoying market bulls | Fin24
Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Oil moved above $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump. | Fin24

A surprise decision on Thursday spurred a wave of crude price forecast upgrades by major banks and a surge in the market's structure. Saudi Arabia said it would maintain its 1 million barrel per day voluntary production cut.

The surprise decision on Thursday spurred a wave of crude price forecast upgrades by major banks and a surge in the market’s structure. The agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut. West Texas Intermediate rose as much as 2.6% and Brent topped $68.

"Overall, this was the most bullish outcome we could have expected," JPMorgan Chase & Co. analysts including Natasha Kaneva wrote in a note to clients. Saudi Arabia’s bold and unexpected gamble to restrain production is founded upon its view that, this time around, higher prices will not lead to a big increase in output by American shale drillers. Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News in an interview after the OPEC+ meeting that shale companies are now more focused on dividends.Brent for May traded 2.8% higher at $68.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

News24 /  🏆 4. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines