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."

 

 

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