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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Oil rebounded strongly in Asian trade Thursday on hopes for a US intervention to end a Saudi-Russia price war amid the escalating coronavirus pandemic. Analysts said however the market remained hobbled by low demand because of business shutdowns, the grounding of air travel and other social distancing measures put in place to contain the outbreak. In afternoon Asian trade, US benchmark West Texas Intermediate (WTI) was trading 7.14 percent higher at $21.76 a barrel. International benchmark Brent crude advanced 8.21 percent to $26.77 a barrel. Both benchmarks fell to their lowest levels in 18 years on Monday, with WTI briefly dipping below $20 a barrel. "Oil prices are higher on news that President (Donald) Trump will hold a round table discussion with the country's top oil executives," said AxiCorp global market strategist Stephen Innes. The meeting is "presumably to discuss possible coordinated production curtailment measures in an attempt to buy some time for the struggling US shale industry," he said in a note. Innes said that Trump's "acknowledging of the problems in the oil patch is critical" as he could be instrumental in resolving the price war that has led to the supply glut. Phillip Futures in Singapore said oil prices were also supported by "reports that Russia does not want to boost its crude oil production in the current environment" and traders expecting US shale producers to "come under pressure to cut production". And ANZ Bank said US crude prices were also being bolstered by reports that the US energy department might rent space in the country's emergency oil reserves to local producers. "This would help drillers store excess crude," it said. Saudi Arabia, the world's biggest crude exporter, on Wednesday ramped up its price war with Russia, boosting crude oil supply to record levels. State giant Aramco offered 18.8 million barrels on a single day despite pressure from Washington. mba/ecl
schema:headline	Oil rebounds on hopes of US intervention to end price war
schema:mentions	Oil reserves Master of Business Administration World energy consumption Saudi Aramco Barrel USA Gymnastics Asia University of Washington Social distancing Presidency of Donald Trump Singapore Saudi Arabia Russia Pandemic Coronavirus President of the United States Australia and New Zealand Banking Group Tight oil Price of oil Price war Emitter-coupled logic Brent Crude West Texas Intermediate
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-02 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	65 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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