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Global equity benchmarks and oil prices drifted lower on Tuesday while safe haven assets gained as an extended economic lockdown in Germany and US and European sanctions on China curbed risk appetite worldwide.
Oil prices rose more than $1 per barrel on Thursday after Saudi Energy Minister Prince Abdulaziz bin Salman urged caution and vigilance at the beginning of a meeting of Opec ministers and their allies about the future of supply cuts.
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after Opec and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.
Special Assistant to Prime Minister on Political Communication Shahbaz Gill said that there was no increase in the prices of petroleum products despite the continuous rise in the prices in the world market.
The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (Opec), the group’s president said on Tuesday.
Brent crude fell 2 cents, or less than 0.1%, to $67.50 a barrel by 09:43 GMT while US West Texas Intermediate crude rose 11 cents, or 0.2%, at $64.12 a barrel.
Brent crude futures rose 8 cents, or 0.1%, to $60.87 a barrel by 04:54 GMT while West Texas Intermediate (WTI) crude futures climbed 8 cents, or 0.1%, to $57.84 a barrel.
Global equity benchmarks and oil prices rose on Friday while safe havens such as the dollar and US Treasuries dipped as hopes for a global economic recovery overshadowed the continued blockage of one of the world’s most vital shipping lanes.
Brent oil was down $1.38, or 2.1%, at $63.19 a barrel by 05:11 GMT while US crude fell 1.48 cents, or 2.4%, to $59.49 a barrel.
Although the COVID-19 pandemic is causing disruptions across almost all industries, the oil and gas sector is less likely to witness significant disruption in the short term,
