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9/17, 4:45 PM (Source: TeleTrader)
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Oil prices reverse losses in strong week

Oil prices turned to gains on Thursday after struggling earlier in the session. This week saw crude prices rally on the back of larger-than-expected draws in United States inventories.

Meanwhile, OPEC, Russia and other allied producers held a Joint Ministerial Monitoring Committee (JMMC) meeting, during which members urged full compliance in order to boost prices in the face of the coronavirus pandemic. At the same time, the US issued fresh Iran-related sanctions as well.

West Texas Intermediate for settlements in October rose 1.39% to $40.77 per barrel at 10:30 am ET. Brent for deliveries in November gained 1.61%, selling for $42.96 per barrel a minute later.

Breaking the News / JC