Global oil prices recover by 2 to 3 percent on Friday, but are still set to end the week down over 20 percent from last Friday's close due to concerns over market balance after the failed OPEC+ deal last week
MOSCOW (Pakistan Point News / Sputnik - 13th March, 2020) Global oil prices recover by 2 to 3 percent on Friday, but are still set to end the week down over 20 percent from last Friday's close due to concerns over market balance after the failed OPEC+ deal last week.
Brent oil futures slumped by over 30 percent to a four-year low of $31.27 per barrel on Monday after the OPEC+ alliance � which comprises the Organization of the Petroleum Exporting Countries and non-cartel members � failed to agree on a new production cut deal last week.
As of 13:40 GMT, Brent futures for delivery in May were up 1.96 percent to $33.87 per barrel, while April futures for WTI crude surged by 3.02 percent to $32.45 per barrel.
Oil prices collapsed after Russia and the Saudi-led OPEC failed to agree on deeper production cuts to mitigate demand lost to the coronavirus crisis. As a result, restrictions on oil production of the OPEC+ alliance will be lifted beginning on April 1. The Abu Dhabi National Oil Company and Saudi Aramco have already announced plans to increase oil deliveries.
