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Oil Recovers Most of Recent Losses

M. Ali 22 October, 2020 11:53 pm Commodities, Market Update

Oil prices rose on Thursday on renewed hopes for another stimulus package in the United States, where a decline in jobless claims also helped improve the outlook for demand.

Additionally, remarks that indicated that the OPEC+ alliance may prolong output cuts provided support for crude prices, as Brent crude futures for December delivery gained 73 cents, or 1.8%, and finished at $42.46 per barrel.

Meanwhile, the US West Texas Intermediate (WTI) crude futures for December delivery closed higher by 61 cents, or 1.5%, at $40.64 per barrel.

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