Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Oil rises for 2nd day amid hopes for output cut by U.S. producers

Published 03/11/2020, 09:56 AM
Updated 03/11/2020, 10:00 AM
© Reuters. Oil rises for 2nd day amid hopes for output cut by U.S. producers
LCO
-
CL
-

By Yuka Obayashi
TOKYO, March 11 (Reuters) - Oil prices climbed for a second
day on Wednesday, lifted by hopes that U.S. producers will cut
output, but gains were limited compared with Monday's crash
after Saudi Arabia and Russia triggered a price war.
Brent crude futures LCOc1 rose $1.38, or 3.7%, to $38.60 a
barrel by 0126 GMT, while U.S. West Texas Intermediate (WTI)
crude CLc1 gained $0.97, or 2.8%, to $35.33 a barrel,
following a jump of over 8% the previous day.
"Expectations that U.S. shale oil producers will need to
trim output helped improve the market sentiment," said Satoru
Yoshida, a commodity analyst with Rakuten Securities.
Oil and equity markets had staged solid rebounds on Tuesday
after the previous day's pummelling, with signs of co-ordinated
action by the world's biggest economies to cushion the economic
impact of the coronavirus epidemic helping pull investors out of
panic mode. Still, "the rebound in crude oil is not expected to last
long, with Saudi Arabia and Russia boasting about how much they
can boost output by as the battle for market share begins," ANZ
said in a note.
Saudi Arabia said on Tuesday it would boost its oil supplies
to a record high in April, raising the stakes in a standoff with
Russia and effectively rebuffing a suggestion from Moscow for
new talks on production levels.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.