News Formal

Oil set for weekly loss after OPEC+ supply plan rattles market

  • 📰 Moneyweb
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 77%

United States News News

Brent for August settlement rose 0.1% to $79.97 a barrel at 2:55 p.m. in Singapore.

An unexpected plan by

ministers including from Saudi Arabia said on Thursday that the group can still react to any changes in the market and adjust supply. That sparked a sharp rebound in oil prices, which had already staged a modest recovery after tumbling into oversold territory for the first time in about a year. Brent futures are trading near $80 a barrel after advancing 1.9% on Thursday, but prices are still heading for a third weekly drop. West Texas Intermediate was below $76, also set for a loss this week.

 

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

 /  🏆 5. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil swings after OPEC+ signals plan to return barrels to marketBrent for August settlement fell 0.5% to $80.74 a barrel at 2:25 p.m. in Singapore.
Source: Moneyweb - 🏆 5. / 77 Read more »