Commodity Report: Oil price forecast – May 2020 [Video]
Oil prices rose 3% on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis.
Saudi Arabia said on Monday it would adding to existing cuts by reducing output by a further 1 million barrels per day (bpd) in June, slashing total production to 7.5 million bpd, or down nearly 40% from April.
President Donald Trump on Tuesday praised Saudi Arabia's decision to curb its oil output and said it would be a boon to the U.S. oil industry, which had been battered by a price crash in recent weeks.
Inventory data this week will be key to extending any oil price rally.
Where are prices heading next? Watch The Commodity Report now with Phil Carr at The Gold & Silver Club, for the latest price forecasts and predictions:
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.