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Oil Prices Jump Beyond $ 30 a
Barrel in EU Early Trading
03 April 2020
The global benchmark crude Brent futures has
trimmed its losses sustained in the trading session in Asia, pushing
price to rise in the European early trading beyond $ 30 a barrel amid
hopes for a global pact to cut supplies for the purpose of supporting
the oil prices.
Brent crude futures rose 7% ($2.10) to $
32.04 per barrel by 0748 GMT. The
benchmark crude jumped 47% in Thursday’s session, recording the highest
percentage rise in a session ever. However,
it closed at 21% increase while maintaining its price below the half of
$ 66 a barrel, the closing price by the end of 2019.
US WT intermediate crude futures also increased 1% (28 Cents) to $
25.6 a barrel after it has jumped 24.7% on Thursday.
US President Donald Trump said on Thursday that he has mediated for
a deal between Russia and Saudi where the two countries might make a cut
in their production between 10 – 15 million barrels a day, which is an
unprecedented number shaping 10-15% of the global supply.
Trump said that he didn’t discuss
a US production cuts.
Saudi on Thursday, invited for an emergency
meeting for OPEC and OPEC external producers saying it targets to reach
a fair agreement to accomplish stability in the oil markets.
Kuwaiti’s Oil Minister Khaled Al Fadhel said
on Friday that he supports the Saudi’s invitation to hold a meeting for
OPEC and the OPEX external producers.
Russian Information Agency mentioned that
the Ministry of Power in Azerbaijan, a non OPEC member said that a
meeting for OPEC+ is intended to convene on April 6th through
a closed TV circuit.