The price of oil has passed the $40 per barrel mark once again on Thursday as sentiment surrounding the world’s most crucial traded commodity improves.
Oil prices had crashed last week, after Saudi Arabia’s Prince Mohammad bin Salman told Bloomberg that the country would only participate in output freezes if Iran and other major producers also played ball.
However, this week, speculation that a deal to freeze will be done when oil producers meet in Qatar on April 17th, has grown, especially after Wednesday”s comments from Kuwait’s OPEC governor that there are “positive indications an agreement [on a price freeze] will be reached.”
Those comments have kept oil buoyant on Thursday, with extra help coming from a fall in US oil inventories, which slipped by 4.3 million barrels last week, against an expectation of a 2.9 million barrel jump. That was the second biggest fall of the year.
Just after 7:40 a.m. GMT (2:40 a.m. ET) Brent crude is up by 0.68% to $40.11, passing the $40 mark once again. Here’s how that looks:
WTI has also popped, up by 1.01%, but still below $40, trading at $38.14 per barrel. Here’s how that looks: