Home / shares / Oil prices rebounded from five-month lows on Friday

Oil prices rebounded from five-month lows on Friday

Oil futures slumped to a five-month low overnight before mounting a recovery on Friday (5 May), after Saudi Arabia’s Opec governor claimed major oil producers were converging on the need to extend production cuts beyond June.
“So, beyond a short-term movement it is difficult to predict the likely direction of gold prices in terms of the direction of the dollar.
The Saudi comments followed an overnight decline of the West Texas Intermediate (WTI) contract to below $45, the first such instance in five months.
Away from the oil market, the decline in gold prices was also stemmed, after the US Federal Reserve’s hawkish stance on interest rates sent the yellow metal tumbling below $1,230 an ounce in Thursday’s session.
Elsewhere, Comex silver was down 0.17% or 3 cents at $16.30 an ounce, while spot platinum was 0.58% or $5.23 higher at $908.85 an ounce.

oil price

as mentioned in

Oil rebounds from 5-month lows on Saudi assurances

Saudi assurances

The benchmarks are trading around levels last seen before the joint deal to cut output was first announced.
Adding to concerns about bulging inventories, traders pointed to soaring US oil output, which is up more than 10 percent since mid-2016 to 9.3 million bpd, almost matching the output of top producers Russia and Saudi Arabia.
Both benchmarks started to trim earlier losses after Saudi Arabia’s OPEC Gov.
NEW YORK: Oil prices rebounded from five-month lows on Friday following assurances by Saudi Arabia that Russia is ready to join the Organization of the Petroleum Exporting Countries (OPEC) in extending supply cuts to reduce a persistent glut.
Adeeb Al-Aama told Reuters that OPEC and non-OPEC nations were close to agreeing on a deal on supply cuts.
Oil futures slumped to a five-month low overnight before mounting a recovery on Friday (5 May), after Saudi Arabia’s Opec governor claimed major oil producers were converging on the need to extend production cuts beyond June.

Check Also

The pan European index made a modest weekly gain following four straight weeks of declines picture-13413-310x165

The pan-European index made a modest weekly gain following four straight weeks of declines

collected by :Tod Hinery sentifi.com Market voices on:The pan-European index made a modest weekly gain …