Oil Rallied on Hopes of Reversing Oversupply

Oil prices rose during morning trading today, Thursday, extending the week’s gains to more than 11% on mounting hopes that oil producers will be Reversing Oversupply due to increasing Coronavirus cases.

West Texas futures rose about 12 cents, recording $ 41.57 a barrel. While Brent futures rose by 9 cents, recording 43.89 dollars a barrel.

The Algerian Energy Minister said on Wednesday that OPEC +, which includes the Organization of Petroleum Exporting Countries (OPEC) and other suppliers including Russia, could extend the current production cuts by 7.7 million barrels per day until 2021, or deepen them further if needed.