(Bloomberg) — Oil clawed back lost ground in Asia after Saudi Arabia’s state-controlled producer said it expects energy demand to improve. Futures in New York rose as much as 1.2%, after declining 1.7% on Friday. Saudi Aramco reported a 73% drop in second-quarter profit after crude prices collapsed amid the global pandemic. Oil consumption in Asia, Aramco’s largest regional market, has almost returned to pre-coronavirus levels and the company’s performance and demand for energy will probably improve over the rest of the year as nations ease coronavirus lockdowns, according to Chief Executive Officer Amin Nasser said. U.S. crude fell in …read more
Source:: Yahoo Finance
