SEOUL (Reuters) - Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.
The local rubber manufacturing and export industry has received the nod from the government this week to kick start operations, a step taken towards getting the halted supply chains back on track.
The U.S. Energy Information Administration lowered its 2020 forecast for West Texas Intermediate and Brent crude oil prices and cut its expectations for U.S. crude-oil production, according to the Short-Term Energy Outlook report released Tuesday.
The US is slashing its forecasted oil output as demand tanks and investors hope for Thursday's OPEC+ meeting to bring further easing.
NEW YORK: Oil slumped on Tuesday in the face of swelling crude supplies and weak fuel demand due to the coronavirus pandemic, while investors also grew cautious over expectations that the world's biggest producers would quickly agree on output cuts.
COLOMBO, April 7 (Xinhua) -- The Sri Lankan government, on Tuesday said it had not imposed any restrictions on exporting tea, coconut and rubber as these were vital export crops which would help boost the country's economy.