crude inventories and the start of output cuts in a bid to offset a slump in fuel demand triggered by the coronavirus pandemic.S. (AFP Photo)TOKYO: Oil prices jumped on Friday, extending the previous session’s gains, buoyed by a lower-than-expected gain in U.3%, to $20. crude for June delivery climbed $1. market,” said Stephen Innes, chief market strategist at AxiCorp.end-ofTags: crude oil opec, oil price opec, opec, crude oil prices, us oil pipeline, global oil storage, coronavirus lockdown, coronavirus impact, crude pricesLocation: Japan, Tokyo-to, Tokyo.37, or 7.Brent crude for July delivery, which started China thread screw barrel trading on Friday as the new front-month contract, was up $1.S.U.
[EIA/S]The other significant support factor on Friday was the official start of output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers like Russia - a grouping known as OPEC+ - to counter sliding demand.58 a barrel by 0013 GMT.6 million barrels, less than the 10.S. Energy Information Administration data showed crude inventories rose by 9 million barrels last week to 527.S.That, nevertheless, falls well short of the roughly 30 million bpd of demand that has evaporated amid the coronavirus pandemic as much of the world’s population remains under some form of economic and social lockdown.2%, at $27.U.6 million-barrel rise analysts had forecast in a Reuters poll.
“This is a second straight week of inventory and product demand figures suggesting a bottoming of the U. Brent gained 12% on Thursday.The OPEC+ deal covers a cut in production of nearly 10 million barrels per day (bpd), a record level.21 a barrel, having gained 25% in the previous session.“OPEC+ quotas are due to kick in on Friday, suggesting short-term supply conditions have likely peaked,” AxiCorp’s Innes said.10, or 4. The official start of output cuts agreed between Organization of Petroleum Exporting Countries (OPEC) and other major producers like Russia A picture shows export oil pipelines at an oil facility in the Khark Island, on the shore of the Gulf.