Commodity Oil News – Crude Oil Prices Rises as Lock down ease in Early Trade in Asian Market.
WTI Crude oil Trading above 20$ ,almost 6% upside from yesterday’s Closing,Brent oil Trading at 28.50$ almost 5% upside.
Oil prices almost trading at 3 weeks high due to ease in lockdown, and Increase in Demand.
There has been Increase Demand in fuel as some part of the world getting back to there work after nearly 4-7 weeks of lockdown.
Global oil demand probably collapsed by as much as 30% in April, analysts have said, and the recovery is likely to be slow.
Especially with airlines expected to remain largely grounded for months to come.
Commodity Oil News – Saudi Arabia, Russia other major producers and companies slashing output.
Market shrugged off a decision by the Texas energy regulator to cancel a vote on mandating a 20% output cut in the United States’ biggest oil-producing state.
Both benchmark WTI & BRENT OIL contracts rose about 3% on Monday Crude oil Prices rises sharp upside on tuesday also.
Australian national carrier Qantas Airways’ Chief Executive said on Tuesday “international travel demand could take years to return.
“The intent in itself was positive – but it was always going to be a long shot,” Hynes said.