Home / World News / Oil prices rise as supply cut hopes outweigh Covid-19 resurgence fears

Oil prices rise as supply cut hopes outweigh Covid-19 resurgence fears

Coronavirus cases rose to more than 8 million worldwide by Monday, with infections surging in Latin America

Premium

Hopes of more cuts in oil supplies by major producers also helped prevent steeper price drops, analysts said.

Reuters New Delhi

3 min read Last Updated : Jun 16 2020 | 2:55 PM IST

Oil prices made marginal gains on Tuesday, reversing out of earlier losses, as hopes for further cuts in crude supplies took the sting out of concerns that a resurgence of new coronavirus infections around the world could hamper fuel demand.

Brent crude edged up 9 cents, or 0.2 per cent, at $39.81 a barrel by 0659 GMT, having gained 2.6 per cent on Monday. U.S. oil gained 3 cents, or nearly 0.1 per cent, to $37.15 a barrel, after closing 2.4 per cent higher in the previous session.

Coronavirus cases rose to more than 8 million worldwide by Monday, with

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in