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LONDON (Reuters) – Oil prices surged more than a dollar a barrel on Thursday, amid speculation that a drop in prices could lead to a decline in output and the stability of the yuan after a week of turbulence triggered by the escalation of the trade war between the United States and China.
Brent reached $ 57.57, up $ 1.34 or 2.4%. West Texas Intermediate (WTI) crude forward prices in the US jumped $ 1.49, or 2.9%, to $ 52.58 a barrel.
The Chinese yuan rose against the dollar and the country's exports recovered unexpected growth in July due to improved global demand despite US trade pressure.
Harry Chilinguirian, global oil strategist at BNP Paribas in London, said that Saudi Arabia had invited other producers to discuss a drop in the price of oil that could have supported the market.
Meanwhile, a Saudi oil official said Thursday that the Kingdom intends to maintain its crude oil exports to less than seven million barrels a day in August and September, despite strong customer demand. By limiting its supplies, the kingdom aims to reduce global stocks to rebalance the market.
The China National Petroleum Corporation (CNPC) announced Thursday the extension of the development contract of an oil field aging in Oman for a new period of 15 years.
In 2002, KPC announced it had acquired a 50% stake in Oman Zone No. 5, a 992 square kilometer oil field, but produced only 700 tons of crude oil per day after over-exploration. . years
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