Oil rebounds as market seizes on discounted prices

Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil’s two-month low touched in the previous session.

Monday’s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. The oil market was also lower on news that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, had reached a deal to boost supply in coming months.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

More articles like this

Understand the role of IT/OT convergence in oil and gas

The lines between IT and operational technology are starting to blur. IT/OT convergence has already entered full force in areas such as the manufacturing industry, where IoT adoption is reaching new heights. As Industry 4.0 expands to other sectors, industries

Oil prices rise to six-year highs

Oil jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond. On Tuesday, U.S. oil

Brent oil price continues to rise

Brent oil price attempts to surpass 76.00 barrier, waiting for more rise to head towards our next positive station at 78.00, as the price is organized inside an intraday bullish channel that supports the chances of achieving more

Oil prices climb

Oil prices rose on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer.

Oil rises as threat of immediate Iran supply recedes

Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear