Oil prices finished higher Wednesday, buoyed by a weekly decline in U.S. crude production, as investors grow hopeful that major oil producers will agree to output cuts this week.
Contrary to the grim forecast by ANRPC (Association of Natural Rubber Producing Countries), natural rubber (NR) price in India has looked up this week, on cues from Opec’s (Organisation of Petroleum Exporting Countries) decision to cut crude output. On ICEX (Indian Commodity Exchange), the April rubber contract has almost hit initial upper limit, touching Rs 118 per kg on Monday, where it was expected to fall below Rs 100 per kg.
Tokyo Commodity Exchange (TOCOM) futures rose for a fourth session on Wednesday, hitting a more than 2-week high, supported by a rally in Shanghai futures, although it gave up some gains in late trade.
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.