While both benchmark contracts fell on Friday, hurt by demand concerns, Brent ended the week up 2.5%, with WTI up 2.4%. At the same time, Saudi Arabian Aramco’s Chief Executive Amin Nasser said he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns. Also read- Oil edges lower on oversupply concerns as Opec+ set to raise outputOn the supply side, Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months. The sharper cut will take Iraq’s total reduction to 1.25 million bpd this month and next. “Saudi Arabia and Iraq forging better relationships over the oil deal are excellent for the compliance outlook,” Innes said.

Source: Dhaka Tribune August 10, 2020 00:22 UTC