Global EditionASIA 中文雙語Fran?ais
    World
    Home / World / Americas

    Oil buoyed by output cuts, Gulf tensions

    China Daily | Updated: 2020-04-25 15:44
    Share
    Share - WeChat
    A 3D printed oil pump jack is placed on dollar banknotes in this illustration picture, April 14, 2020. [Photo/Agencies]

    US benchmark adds to gains, but lack of demand clouds outlook, analysts say

    SINGAPORE/NEW YORK-Oil prices extended gains in Asian trade on Friday with signs that producers are already cutting output, recovering from unprecedented lows triggered by the coronavirus pandemic and further aided by rising tensions between the United States and Iran.

    US benchmark West Texas Intermediate, or WTI, for June delivery was up 8.1 percent at $17.85 in Asian afternoon trading, after settling 20 percent higher on Thursday.

    International benchmark Brent for June was changing hands at $22.55 a barrel, up 5.7 percent.

    Oil prices have been hit hard as the pandemic strangles demand due to lockdowns and travel restrictions, with US crude falling into negative territory for the first time this past week as storage space runs low.

    Earlier this month, the Organization of the Petroleum Exporting Countries and its partners, together known as OPEC+, agreed to cut output by almost 10 million barrels a day from May to shore up virus-hit markets.

    The deal also brought an end to a battle for market share between Saudi Arabia and Russia.

    There were also signs US output is beginning to fall. The Energy Information Administration said crude production fell slightly to 12.2 million barrels per day last week.

    Tensions in the crude-rich Middle East also gave a boost to markets.

    After US President Donald Trump ordered the US Navy to destroy any Iranian boats that harass US ships in the Persian Gulf, Iran's elite Islamic Revolutionary Guard Corps, or IRGC, warned on Thursday of a "decisive response".

    The Guards plan to launch a new satellite into a higher orbit, the commander of IRGC's Aerospace Force was quoted as saying by Tasnim news agency on Friday.

    Brigadier General Amir Ali Hajizadeh said that the launch was planned for the "not too distant" future, adding that the satellite will have greater efficiency.

    On Wednesday, the IRGC said it had "successfully" launched the country's first military satellite into space.

    Strategic waterway

    The Gulf is a major gateway for oil to reach international markets, and spikes in US-Iran tensions typically drive prices higher.

    Short of halting the world's oil production, there is little producers can do to help the price, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

    "One other option is to fuel geopolitical tensions in the Middle East to threaten supply and support prices. This is what Donald Trump is doing right now," she said.

    Even though prices are stabilizing, they remain at multi-year lows and analysts say that demand needs to pick up again for them to truly recover.

    AxiCorp global market strategist Stephen Innes said it was "probably rational to temper expectations as it's going to take more than a celestial alignment to get WTI to stick above $15 per barrel this month, let alone super tack to $20".

    Agencies - Xinhua

    Most Viewed in 24 Hours
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    日韩AV无码久久一区二区| 亚洲欧美日韩国产中文| 欧美日韩亚洲中文字幕二区| 91精品日韩人妻无码久久不卡| 最近中文字幕免费大全| 中文字幕无码日韩专区免费| 国产真人无码作爱视频免费| 最近更新免费中文字幕大全 | 久久久久综合中文字幕| 精品久久久久久无码人妻热 | 精品无码一区二区三区爱欲九九| 亚洲欧美日韩另类中文字幕组| 中文字幕在线观看有码| 国产v亚洲v天堂无码网站| 无码超乳爆乳中文字幕久久| 合区精品中文字幕| 欧美日韩中文在线视免费观看| 中文无码一区二区不卡αv| 国产精品一级毛片无码视频| 狠狠噜天天噜日日噜无码| 无码国产精品一区二区免费模式 | 无码人妻丰满熟妇区五十路百度| 成人午夜精品无码区久久| 再看日本中文字幕在线观看| 中文字幕欧美日韩| 最近中文字幕国语免费完整| 亚洲日本欧美日韩中文字幕 | 69堂人成无码免费视频果冻传媒| 欧美激情中文字幕| 最近2018中文字幕在线高清下载| а天堂中文在线官网| 色综合久久精品中文字幕首页| 欧美激情中文字幕| 久久中文精品无码中文字幕| 日韩精品无码一区二区中文字幕 | 中文字幕成人免费视频| 精品人妻无码专区中文字幕| 日本无码色情三级播放| 伊人久久精品无码二区麻豆| 无码137片内射在线影院| 国产综合无码一区二区三区|