Tag: oil market
The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the oil market in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.
Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations.
Oil market clawed back some gains in anticipation of a N2 trillion U.S economic stimulus which could minimise the economic impact of the coronavirus outbreak and in turn support oil demand although, U.S Congress is yet to agree on the rescue package. For more on the impact of the COVID-19 pandemic on the global oil market, Uchenna Minnis, Managing Partner of Blufx Nigeria joins CNBC Africa for more.
Yesterday markets experienced a historic drop in shares that were last seen during the 2008 global financial crisis. The failure of Russia to agree on Saudi Arabia oil cuts led to a 30 per cent decline in oil markets but is on the path of recovery today, joining CNBC Africa to unpack what the oil price crash could mean for the oil rich nation of Angola is Rui Oliveira, CEO at BFA Asset Management.
U.S President Donald Trump says the U.S and China will resume trade talks very shortly, brent crude futures are up in early trade after falling one per cent in the previous session. Uchenna Minnis, Chief Market Analyst at Eagle Global Markets joins me for a focus on the oil market and G7 meeting. He joins CNBC Africa for more.