Oil prices spike | Sunday Observer

Oil prices spike

11 October, 2020

Crude future prices spiked on Thursday after OPEC said Thursday that the “worst is over” for the oil market.

Front month crude contracts were up 3.08% to $41.22 by 15:09 ET following the optimistic commentary.

Secretary General Mohammad Barkindo said that OPEC is going to continue its oil market management and said the “worst is over.”

The comments came as OPEC unveiled its annual World Oil Outlook. Global inventories are currently 220 million barrels above the 5-year average, according to Bloomberg.