By Reuters Staff
1 Min Read
MOSCOW, April 16 (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Friday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will gradually restore oil output between May and July, the Interfax news agency reported.
Novak added that Russia’s energy ministry was ready to support export curbs on oil products in order to bolster the domestic market. (Reporting by Andrey Ostroukh; Writing by Gabrielle Tétrault-Farber; Editing by David Evans)
Oil Prices Extend Gains For Fifth Day
WASHINGTON (dpa-AFX) - Oil prices rose for the fifth day running on Friday to hover near four-week highs amid an improved demand outlook.
Brent crude for June settlement rose 27 cents, or 0.4 percent, to $67.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 24 cents, or 0.4 percent, at $63.70.
Oil prices remain on course for a weekly gain of more than 6 percent as strong U.S. and Chinese economic data bolstered expectations of a solid global economic rebound.
Bullish EIA inventory report, supply curbs by OPEC and its allies, together called OPEC+, coupled with vaccination efforts that are well underway in the United States and many other developed countries also helped lift demand outlook for crude.
Oil nudges lower but set for weekly gain on demand recovery hopes metro.us - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from metro.us Daily Mail and Mail on Sunday newspapers.
Oil rises above $67 in fifth day of gains on demand hopes By Alex Lawler
FILE PHOTO: A closed petrol pump is seen in Chuquiaguillo, on the outskirts of La Paz
LONDON (Reuters) -Oil rose above $67 a barrel on Friday, gaining for a fifth session, as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies.
China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims.
2 Min Read
NEW YORK (Reuters)a -Oil was modestly lower on Friday but headed for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset concerns about rising COVID-19 infections in other major economies.
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
Brent crude was up 5 cents, or 0.1%, at $66.99 a barrel by 1:27 p.m. EDT (1727 GMT). The global benchmark was on track for a weekly gain of 6% after rising in the past four sessions.