Oil rises, supported by trade deal, OPEC cuts
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
August 08, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, AUGUST 08, 2022
Oil rises, supported by trade deal, OPEC cuts

World+Biz

Reuters
26 December, 2019, 09:20 am
Last modified: 26 December, 2019, 09:22 am

Related News

  • Oil prices climb as supply shortage concerns outweigh demand worries
  • Oil languishes on recession fears; unconcerned stocks climb on
  • UN Secretary General calls to punish oil and gas companies
  • Biden focused on controlling US oil prices after OPEC+ output increase
  • Oil prices rebound after dropping to lowest in months on weak US demand

Oil rises, supported by trade deal, OPEC cuts

The roughly 17-month trade war hit global economic growth and demand for oil, leaving prices range-bound for the most of the year

Reuters
26 December, 2019, 09:20 am
Last modified: 26 December, 2019, 09:22 am
The Philadelphia Energy Solutions oil refinery is seen at sunset in Philadelphia March 26, 2014. Picture taken March 26, 2014. Photo :Reuters
The Philadelphia Energy Solutions oil refinery is seen at sunset in Philadelphia March 26, 2014. Picture taken March 26, 2014. Photo :Reuters

Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-US trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.

West Texas Intermediate was up 20 cents, or 0.3%, at $61.31 a barrel.

"Oil prices continue to show year-end strength supported by a combination of definitive progress on the US-China trade deal, the Dec OPEC/OPEC+ agreement, and slowing shale activity," said Stephen Innes, chief Asia market strategist at AxiTrader.

"All of which is pointing to a stronger performance for oil prices in Q1 than anyone had thought only two months ago."

US President Donald Trump said on Tuesday he and Chinese President Xi Jinping will have a signing ceremony for the so-called Phase 1 agreement to end their trade dispute that was put together earlier this month.

The roughly 17-month trade war hit global economic growth and demand for oil, leaving prices range-bound for the most of the year.

Lower demand also rendered supply cuts by the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia less effective in supporting the market.

The so-called OPEC+ grouping agreed in November to extend and deepen production cuts that would take as much as 2.1 million barrels per day (bpd) of supply off the market, or roughly 2% of global demand.

US producers, not party to the OPEC+ agreement, have been pumping record amounts of oil, especially shale crude, to fill any supply gaps. Growth in production in the US is forecast by many to slow, however.

Still, more supply is coming in the new year with Saudi Arabia and Kuwait earlier this week agreeing to end a dispute over their Neutral Zone, which can supply as much as 500,000 barrels per day of oil, or about 0.5% of global demand.

Top News

Oil / OPEC

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • TBS file photo
    Now 99% Bangladesh products come under China’s duty-free offer
  • Photo: TBS
    Production loss feared as zone-wise industrial weekly closure mulled 
  • Representational image. File Photo: Minhaj Uddin/TBS
    LC settlement fell by $1.17b in July

MOST VIEWED

  • Leen Matar, a 9-year-old Palestinian girl who was rescued from her house, which was damaged in Israeli air strikes that killed a senior Islamic Jihad commander, lies on a bed at a hospital in Rafah in southern Gaza Strip, August 7, 2022. REUTERS/Ibraheem Abu Mustafa
    Palestinians sift through rubble at Gaza camp hit in Israeli strike
  • A view of the Natanz uranium enrichment facility 250 km (155 miles) south of the Iranian capital Tehran, March 30, 2005. REUTERS/Raheb Homavandi//File Photo/File Photo
    Iran says success of Vienna nuclear talks depends on Washington's flexibility
  • Rescuers work at a site of a shopping mall hit by a Russian missile strike, as Russia's attack on Ukraine continues, in Kremenchuk, in Poltava region, Ukraine, in this handout picture released June 28, 2022. Photo: Reuters
    Ukraine probing almost 26,000 suspected war crimes cases
  • File photo. China's State Councillor Wang Yi gestures as he meets with Canada's Foreign Minister Francois-Philippe Champagne in Rome, Italy, August 25, 2020. Photo: Reuters
    Taiwan is not a part of US but Chinese territory, says Chinese foreign minister
  • Emergency services work next to a damaged building at the site of a Russian military strike, as Russia's attack on Ukraine continues, in Vinnytsia, Ukraine July 14, 2022. REUTERS/Valentyn Ogirenko
    Amnesty regrets 'distress' caused by report rebuking Ukraine
  • Photo: Collected
    Taiwan says detected 66 Chinese aircraft in strait on Sunday

Related News

  • Oil prices climb as supply shortage concerns outweigh demand worries
  • Oil languishes on recession fears; unconcerned stocks climb on
  • UN Secretary General calls to punish oil and gas companies
  • Biden focused on controlling US oil prices after OPEC+ output increase
  • Oil prices rebound after dropping to lowest in months on weak US demand

Features

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

13h | Mode
Infograph: TBS

Why a drastic fuel price hike is dangerous

1d | Panorama
A fuel price hike to fuel agony

A fuel price hike to fuel agony

1d | Panorama
Kamal Uddin Mazumder. Sketch: TBS

Rising foreign debt and balance of payments deficit: Does Bangladesh need to worry?

1d | Thoughts

More Videos from TBS

How Google Maps operates in Bangladesh

How Google Maps operates in Bangladesh

3h | Videos
Is BPC really in loss?

Is BPC really in loss?

5h | Videos
Reasons behind Putin-Erdogan's meeting in Sochi

Reasons behind Putin-Erdogan's meeting in Sochi

9h | Videos
Dr Jamaluddin Ahmed talks about recent fuel price hike

Dr Jamaluddin Ahmed talks about recent fuel price hike

9h | Videos

Most Read

1
Diesel price hiked by Tk34 per litre, Octane by Tk46
Energy

Diesel price hiked by Tk34 per litre, Octane by Tk46

2
July remittance hits two-year high
Economy

July remittance hits two-year high

3
5,400 Bangladeshis get work visas to Romania
Migration

5,400 Bangladeshis get work visas to Romania

4
Housing projects sprouting up by Dhaka-Mawa expressway
Real Estate

Housing projects sprouting up by Dhaka-Mawa expressway

5
How banks made millions from volatile dollar 
Banking

How banks made millions from volatile dollar 

6
Infographic: TBS
Banking

Dollar rate will be left to market after two months: Governor

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net