Crude oil

Oil Prices Rise As China Plans To Buy 20million Barrels From U.S.

WTI crude futures rose to trade around $42.2 a barrel on Monday, after reports that China plans to ship at least 20 million barrels of US crude for August and September.

Putting a lid on prices were concerns that a recent spike in global coronavirus infections could stall recovery in fuel demand.

Investors now await for a meeting of a panel representing ministers of the OPEC+ later this week. The meeting of the panel has been pushed back to August 19th, a day later than previously planned.

About Yusuf Issa

Check Also

Oil Prices Retreat from 13-Month High

Oil prices dropped sharply on Friday, as supply disruptions in the US due to deep …

Leave a Reply

Your email address will not be published. Required fields are marked *