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Crude oil prices rebounded on Friday as the US proposed purchasing crude oil for its strategic reserve, economists at ANZ Research inform. Brent oil is being exchanged at $32.358.

Key quotes

“US President Donald Trump promised to ‘fill it right to the top’, referring to the oil tanks used to hold its strategic reserves.” 

“Sentiment was also supported by promises of stimulus measures by governments to those worst hit by the global pandemic.” 

“We now expect prices to end Q2 at around USD35/bbl, with only a minor rebound into year-end (USD50/bbl).”

“We expect US shale oil production to fall approximately 10% in 2020, with most of that coming in H2 2020.”

 

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