SINGAPORE: Oil prices jumped by more than US$1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading
Brent crude climbed US$1.34, or 4.1%, to $33.84 a barrel by 1244 GMT, after touching a high since April 13. U.S. West Texas Intermediate crude was up $1.40, or 4.8%, at $30.83 a barrel, the highest in nine weeks or since March 16.
Production is also falling as U.S. energy firms cut the number of oil and natural gas rigs operating to an all-time low for a second consecutive week. That partly helped ease concerns about the WTI contract's delivery point in Cushing, Oklahoma, running out of space. The positive mood was reinforced as U.S. Federal Reserve Chairman Jerome Powell issued an optimistic outlook for economic recovery later this year.
Also supporting oil prices are production cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russia, a grouping known as OPEC+.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seven nabbed for gambling at oil palm plantation in Maran | Malay MailKUANTAN, May 17 — Police detained seven men for gambling at an oil palm plantation at Felda Jengka 7, Maran, near here, yesterday. Maran District Police Chief, DSP Norzamri Abd Rahman said the suspects aged between 50 and 72 were local men and the majority of them...
Read more »
US stock market swings higher despite rising US-China tensions; oil up | Malay MailNEW YORK, May 16 ― US stocks gyrated yesterday before ending slightly higher, as investors worried about increased China-US trade hostilities and disappointing retail sales figures, while signs of a pick-up in crude demand boosted oil prices. The Trump administration yesterday moved to block...
Read more »
China's Sinopec appoints new oil trading chief amid 2018 loss probeSINGAPORE: China's Sinopec Corp has appointed Chen Gang, acting president of its trading arm Unipec as the new managing director of the unit, three people with knowledge of the matter said. He replaces former president Chen Bo, who was suspended in 2018 after Unipec incurred record derivatives trading losses.
Read more »
Bursa Malaysia to see positive trend as oil prices set to riseKUALA LUMPUR: Oil prices are projected to rise going forward as global economies gradually start gradual reopening, thus providing a positive catalyst for Bursa Malaysia next week. The Bursa which ended above 1,400 on Friday will inspire some confidence in the market next week.
Read more »
Bursa Malaysia to see positive trend as oil prices set to rise | Malay MailKUALA LUMPUR, May 16 — Oil prices are projected to rise going forward as global economies gradually start gradual reopening, thus providing a positive catalyst for Bursa Malaysia next week. AxiCorp chief market strategist Stephen Innes said with the FTSE Bursa Malaysia KLCI (FBM KLCI) ended above...
Read more »
Malaysia cuts CPO export duty for JunePETALING JAYA: Malaysia has lowered its export duty on crude palm oil to 0% for June from 4.5% in May, the Malaysian Palm Oil Board said yesterday.
Read more »