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Brent Crude adds 9 cents in price in early morning trade

Syed Umarullah HussainiWeb Editor

19th Aug, 2020. 08:22 am
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Oil Prices Drops Globally Amid COVID-19 Resurgence

Brent crude prices added 9 cents to its price and settled at $45.46 per barrel on the second of the business week.

According to the details OPEC and its allies eased their cuts in August to 7.7 million barrels per day (bpd) from 9.7 million bpd.

Oil prices steadied as high compliance with supply cuts from the OPEC+ producer group offset demand fears from the novel coronavirus.

However US West Texas Intermediate (WTI) crude futures ended unchanged at $42.89 a barrel.

OPEC+ will hold a ministerial panel meeting on Wednesday (today).

“Expect OPEC+ to communicate that they request strict compliance from all members and cheer for the success of the measures to date,” said Market Analysts.

In the United States alone, almost 11.5 million have contracted the disease, and over 400,000 people have died as a result of the pandemic, the World Health Organization regional director Carissa Etienne said in a statement.

The US and Brazil are the biggest drivers of the Covid-19 case count in the America’s.

Asian Shares

Japan’s Nikkei dipped 0.52%, while most markets traded in a narrow band with Chinese blue chips dropping 0.25%.

The Australian benchmark index rose 0.12%.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.19%.

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