Oil Prices Increase On Output Cut

Oil prices rose on Friday, supported by efforts from major oil producers to control output as well as hopes for US fiscal stimulus, with House Speaker Nancy Pelosi opposing smaller COVID-19 relief bill.

The increase, however, was capped by fears over rising COVID-19 cases in some parts of the globe and uncertainties over Phase 1 trade deal talks between Washington and Beijing.

Reuters reported the Trump administration Thursday declined to acknowledge any plans to meet with China after the commerce ministry in Beijing said bilateral talks would be held in the coming days to review the progress of the agreement.

At around 03:15 AM GMT, WTI crude gained 0.2% to $42.92 a barrel, while Brent crude increased 0.4% to $45.06 a barrel.

For the week, the US benchmark is on track to a 2% rise, while the global benchmark headed for a weekly rise around 0.5%.
Trading Economics


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