Brent jumps to 5-month peak

Economies.com
2020-08-31 12:59PM UTC

Brent crude continued to rise as the US market opened on Monday, to extend gains for the second straight days and hit a 5-month high, after  United Arab Emirates announced a production cut set for October, and upbeat data in China.

 

Brent crude rose 1.6% to the highest since March 6 at $46.50 , after opening at $45.77, and hit a session-low of $45.77. 

 

Brent crude futures rose 1.6% on Friday, posting the first daily gain in 3 days, on hopes of a global demand recovery.

 

Oil prices gained around 2.5% during the past week, on mounted concerns over the US supply, after a large portion of the Gulf of Mexico output due to storms.

 

The Abu Dhabi National Oil Company (ADNOC) announced on Monday a production cut for October by around 30%, which comes within the UAE government's efforts to comply with the OPEC-Plus output cut agreement.

 

China's service activities unexpectedly grew in August, in the latest sign on the world's second largest economy recovery from the coronavirus impact.

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