Crude Oil Gains 7% In The Previous Week, Natural Gas Prices Fall 5%, Metals Under Pressure

Описание: Oil prices spiked to a one-month high following a surprise announcement by OPEC Plus countries to slash their production. Though prices swiftly recovered from a two-year low hit last month, the commodity is still under pressure on concerns over demand. Last week, Saudi Arabia and its other oil-producing allies including Russia shocked global oil markets by announcing a collective production cut of more than 1.2 million barrels per day. This move is planned to start in May and extend to the end of the year. It is an apparent effort by key producing countries to increase global oil prices which have been adversely hit due to moderate demand amid worries of a global recession.

Meanwhile, natural gas & metals prices witnessed decline.

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