Brent rises as market waits for next steps from producers’ meeting on output cuts
A worker walks on the heliport at the Brazil's Petrobras P-66 oil rig in the offshore Santos basin in Rio de Janeiro on September 5 2018. Picture: REUTERS/PILAR OLIVARES
Reflecting a recovery in fuel demand despite the coronavirus pandemic, US crude inventories fell by 8.3-million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1-million barrels, according to data from industry group the American Petroleum Institute . On supply, the market will be closely watching for news from a meeting of the joint ministerial monitoring committee of Opec later on Wednesday.
Key members of Opec and allies including Russia, collectively known as Opec-plus, are set to decide whether to extend output cuts of 9.7-million barrels a day that end in July or ease them to 7.7-million barrels a day.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US shipping sanctions hit Venezuela’s oil industry hardMaritime companies fearing reprisals withdraw services from the Latin American country
Read more »
New US lockdown restrictions knock oil pricesWorries that clampdowns on businesses will threaten fuel demand recovery
Read more »
Oil falls as Covid cases surgeBrent rises amid big spikes in infections at the weekend in the US and elsewhere while traders await an Opec technical meeting
Read more »
Oil retreats on forecast Opec will ease supply cutsJoint ministerial monitoring committee will meet on Tuesday and Wednesday to recommend next level of restrictions
Read more »
Facebook helps Asia’s richest man shed dependence on oilDeals with Silicon Valley players propel Reliance into e-commerce and technology space
Read more »
Oil falls as demand set to fall amid new virus business restrictionsOpec+ is expected to endorse easing of supply cuts despite some US states, Australia and parts of Asia move back into lockdowns
Read more »