Oil prices rose on Friday as the world's richest nations poured unprecedent...
LONDON - Oil prices rose on Friday as the world’s richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.
“The latest bout of price strength is unlikely to have the legs to carry on. The world is awash with oil,” said Stephen Brennock of oil broker PVM. “Simply put, oil is facing a prolonged period of demand destruction.” “Positive risk sentiment and a weaker U.S. dollar are helping crude on Friday. Also, comments from U.S. president Trump that he might get involved in the oil war at an appropriate time is supporting oil,” said UBS oil analyst Giovanni Staunovo.
Trump said on Thursday that he would act on the price war at the appropriate time, saying low gasoline prices were good for U.S. consumers even though they are hurting the industry.“This is because the low prices are threatening to hit the U.S. shale oil industry hard, thereby jeopardizing the U.S. position as the world’s largest oil producer,” Commerzbank analyst Carsten Fritsch said.
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