OIL prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.
Brent crude futures rose by 0.8per cent at
The source said Bonga operator
Bonga was scheduled to load four cargoes in June, or 127,000 barrels per day (bpd), up slightly from May at 123,000 bpd.
Oil has surged more than 80per cent this month as demand has picked up and output cuts have started to chip away at a massive oversupply. That has also led to a steady flattening in the futures curve - a signal market supplies are growing tighter.
'The current recovery in oil prices has primarily been driven by supply considerations. The world's swing producers, the OPEC+ group, is more than living up to expectations to adhere to the 9.7 million barrels per day (bpd), or perhaps even bigger, self-imposed and co-ordinated output restraint. As lockdown restrictions are being eased, the demand side of the equation also provides support,' an oil broker PVM's
© Pakistan Press International, source