The price has been supported by lower US crude inventories, Opec-led supply cuts and recovering demand
Tokyo — Oil rose on Thursday to its highest since March, supported by lower US crude inventories, Opec-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.
“With supply being managed through the compliance among Opec+ and demand recovering in north Asia, particularly in China, things are moving in the right direction in terms of supporting oil prices,” said Victor Shum of IHS Markit. Physical crude markets, at historic lows just weeks ago as demand collapsed, are also rebounding. In the Brent market, the structure is pointing to supplies becoming more constrained.
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