Russia ForeignMin Lavrov: Russia supports OPEC+ proposal to cut oil output

Dhwani Mehta FXStreet

When asked about the OPEC and its allies’ (OPEC+) proposal on global oil supply cuts to compensate for a drop in demand caused by the coronavirus, Russia’s Foreign Minister Sergei Lavrov said that they back the OPEC+ recommendation to deepen output cuts.

Key Quotes:

We support this idea.

Russian President Vladimir Putin had recently spoken with the king of OPEC’s de facto leader Saudi Arabia about the new virus, which has spread through China and beyond and sapped energy demand.

On Thursday, Russia’s Energy Minister Novak said that Russia is not yet ready to announce its position on the OPEC+ actions in relation to the new coronavirus outbreak.

At the press time, oil prices are seen trimming gains, as the risk sentiment sours on virus fears and its likely negative impact on the global economy, especially after the cautious remarks from the Japanese Economy Minister Nishimura.

WTI trades +0.60% near $51.26 while Brent is up 0.30% to $55.30.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.