Oil prices towards relative improvement to touch 60$ a barrel

Oil prices recovered after a period of decline, but oil gains were constrained by lower expectations for global demand for the remainder of the year as economic growth slowed.

 OPEC cited challenges in 2020 as its competitors produce more crude, reinforcing maintaining an OPEC-led agreement to curb supplies.

 Ahead of the OPEC monthly report, Brent crude approached $ 59.50 a barrel and US crude was trading at $ 55.67. Both benchmarks ended the week on small gains after two consecutive weeks of decline.


 The price of Brent is still about 10% above its level at the beginning of the year supported by cuts in supplies from OPEC and its allies, led by Russia, who form a group known as OPEC plus. The group had agreed in July 2019 to extend the oil production cuts until March 2020 in order to support oil prices.