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John Wang
in
Futures
April 24 18:39

Oil rises and gains

Losses are still imminent.
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Oil prices went up on Friday, following recent gains. Buying wave has been triggered by Kuwait and other producers stating that they will reduce their output ahead of OPEC+ framework.
At 06:22 GMT Brent crude gained 1.1% - 24 cents - and ended up at US$21.57. On April 23 index gained US$1. US oil went up by 2.3% - 38 cents - and ended up at US$16.88. 
Nevertheless, if no giant jump will take place before the end of the session, the indexes are still going to end up with losses for a ninth week straight. Brent is about to end up with over 20% losses, WTI is about to lose about 8%. 
On April 20 WTI entered negative prices, reaching minus US$37 per barrel. Brent reached the lowest level in the last 20 years. 
Earlier OPEC+ reached an agreement over production cuts - the producers are planning  to reduce their output by 9.7 million barrels daily. The framework comes into effect in May. However, some producers, including Kuwait, are going to cut the production of crude ahead of the timeline.