14.04.2020 BRENT OIL Daily Analysis

14.04.2020 BRENT OIL Daily Analysis

BRENT OIL  32.14usd , +0.40 ,+1.3% Brent oil today is trading on 32.14usd  this is because The Organization of the Petroleum Exporting Countries, along with Russia and other oil-producing countries had an agreement during Easter to cut output of oil by 9.7 million barrels per day in May and June. The United States also which is the world's biggest oil producer is expected to have the biggest oil output drop in supporting the prices oil and other oil-producing countries like Canada and Norway are going to reduce their oil output and the estimated number of oil cut in production with about 19.5 million BPD.This is the news that all the investors have been waiting for as it revives their hopes in the oil industry. The other reason that is boosting oil prices is coming from China as the country is now stabilizing its demand for oil as businesses and manufacturing companies resume their work.