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Oil prices gain as Kuwait agrees to cut output

Corona Update Kuwait City 27 Apr 20
Oil prices gain as Kuwait agrees to cut output
Oil prices have achieved gains as the OPEC producer Kuwait announced plans to cut supplies to global markets.
Fee
Event Location
Kuwait , Kuwait
Area
Kuwait City
Start Time
27 April 2020, 12:00 AM
End Time
09 May 2020, 12:00 AM
Website

Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.

According to Reuters, Brent crude was up 60 cents, or 2.8%, at $21.93 by 0133 GMT, having climbed 5% on Thursday. U.S. oil gained 66 cents, or 4%, at $17.16 a barrel, after surging 20% in the previous session.

ING was quoted by the news agency as saying in a note: “There is little in the way of fundamental developments to support the move higher, although given the amount of weakness recently, we were due a relief rally.”

OPEC has agreed to cut output by a record 9.7 million barrels per day (bpd), to counter the collapse of prices due to the virus outbreak which shred the fuel demand.

KUNA, the state news agency of Kuwait, said that the country will begin supply cuts to markets across the globe without even waiting for the official start of the output cut deal.


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