Efforts are being made between US and Saudis to maintain oil prices
|The Saudi Crown Prince discussed efforts to maintain stability of global energy markets with US State Sec. Pompeo in a phone call. The price of oil is a little firmer on the headline within a $22.94-$25.20bbls range for the day in WTI, +1.92%. Earlier, the oil prices were sturdy due to the US benchmark extending their gains amid hope for a coronavirus rescue package.
Traders have been concerned that the COVID-19 shutdowns have led to less travel, and less demand for fuel. Earlier, May West Texas Intermediate oil CLK20 climbed by 48 cents, or 2%, to settle $24.49 a barrel on the New York Mercantile Exchange.
Analysts at TD Securities argued that further storm clouds loom on the horizon. "While the potential for a New Global OPEC+ would be very constructive long term, the demand-side impact of Covid would nonetheless vastly outweigh a potential curtailment agreement in the short term."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.