Oil prices hit one-month high as demand shows recovery
Oil prices hit more than one-month highs on Friday after gaining over 3% amid signs of demand recovery.
Brent crude rose 3.9%, or $1.21, at $32.34 per barrel, gaining 3% for the week.
U.S. West Texas Intermediate climbed 3.3%, or 92 cents, at $28.48 per barrel. The benchmark is heading for its third week of gains.
The market mood remains gloomy, but demand recovery is underway as Chinese refineries and global oil supply increased.
The International Energy Agency forecasted global crude stockpile to drop 5.5 million bpd. Barclays forecasted Brent and WTI to be traded at $5-$6 per barrel in 2020.
Meanwhile, Saudi Arabia, OPEC’s leading oil producer, plans to cut output to nearly 5 million bpd. This came after the agreement between OPEC+ to cut production by 10 million bpd.
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