Business Oil continues its gains driven by US stimulus hopes

Oil continues its gains driven by US stimulus hopes

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US crude rose to the high level of $ 25.24 a barrel early in the session and reached $ 24.86 a barrel, up 85 cents, or 3.5 percent, by 07:32 GMT.

Brent crude rose 65 cents, or 2.4 percent, to 27.80 dollars a barrel, after increasing earlier to 28.29 dollars.

US lawmakers and Trump administration officials have reached an agreement on a $ 2 trillion stimulus bill that is expected to be passed by Congress later today.

But the demand for petroleum products, especially jet fuel, is declining around the world as more governments announce nationwide isolations to curb the spread of the Corona virus, which limits oil price gains.

ING revised down the price forecast for Brent crude for the second quarter of the year to $ 20 a barrel from $ 33 due to the shock of demand caused by the Corona virus and the expected rise in supplies from Saudi Arabia and Russia in April.

“The demand continues to deteriorate as more countries impose closures and stricter travel restrictions,” bank analysts said in a note.

Oil prices have fallen 45 percent since the beginning of this month after the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, the group known as OPEC +, failed to extend an agreement to cut production and support prices after the end of March.

In the United States, data from the American Petroleum Institute showed that oil inventories fell 1.2 million barrels in the week ending March 20 to 451.4 million barrels, compared with analysts’ expectations for a rise of 2.8 million barrels.

The Petroleum Institute said that gasoline stocks and distillate products also fell last week.

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US crude rose to the high level of $ 25.24 a barrel early in the session and reached $ 24.86 a barrel, up 85 cents, or 3.5 percent, by 07:32 GMT.

Brent crude rose 65 cents, or 2.4 percent, to 27.80 dollars a barrel, after increasing earlier to 28.29 dollars.

US lawmakers and Trump administration officials have reached an agreement on a $ 2 trillion stimulus bill that is expected to be passed by Congress later today.

But the demand for petroleum products, especially jet fuel, is declining around the world as more governments announce nationwide isolations to curb the spread of the Corona virus, which limits oil price gains.

ING revised down the price forecast for Brent crude for the second quarter of the year to $ 20 a barrel from $ 33 due to the shock of demand caused by the Corona virus and the expected rise in supplies from Saudi Arabia and Russia in April.

“The demand continues to deteriorate as more countries impose closures and stricter travel restrictions,” bank analysts said in a note.

Oil prices have fallen 45 percent since the beginning of this month after the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, the group known as OPEC +, failed to extend an agreement to cut production and support prices after the end of March.

In the United States, data from the American Petroleum Institute showed that oil inventories fell 1.2 million barrels in the week ending March 20 to 451.4 million barrels, compared with analysts’ expectations for a rise of 2.8 million barrels.

The Petroleum Institute said that gasoline stocks and distillate products also fell last week.

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