Futures in New York rose to around $27 a barrel, resuming a rally interrupted by an 8% decline on Monday. Energy Secretary Dan Brouillette held a “productive discussion” over the phone with his Saudi counterpart Prince Abdulaziz bin Salman, the U.S. government said. A gathering of G20 energy ministers is set to follow on Friday to discuss wider contributions to a production agreement. West Texas Intermediate for May delivery rose 3.4% to $26.97 a barrel on the New York Mercantile Exchange as of 8:34 a.m. in Singapore. Brent for June delivery added 2% to $33.70 a barrel on the ICE Futures Europe exchange after dropping 3.1% Monday.

Source: Hindustan Times April 07, 2020 01:41 UTC