Crude jumps over 10% as IEA calls for further OPEC+ cuts
Prices of oil surged on Thursday to recover some losses recorded during previous days as Executive Director of the International Energy Agency (IEA) Fatih Birol claimed that “it may be advisable for OPEC+” to pursue further output cuts to stabilize oil markets.
Meanwhile, White House Economic Adviser Larry Kudlow asserted crude prices will rebound once countries reopen economies across the globe. Therefore, United States Treasury Secretary Steven Mnuchin believes that crude prices will stand at $30 per barrel in August.
Brent for settlements in June soared 10.65% at 2:06 am ET, selling for $22.54 per barrel, while West Texas Intermediate (WTI) for the same month’s delivery gained 12.34% a minute later to trade for $15.48 per barrel.
Get involved!
Comments