Ramadan, in Islam, the ninth month of the Muslim calendar and the holy month of fasting, begins and ends with the appearance of the crescent moon.

Oil prices are strongly influenced by the global economic outlook. Changes in supply and demand and geopolitical tensions cause price fluctuations. An orderly energy transition can protect against oil price spikes.

The traditional phrase of ‘Eid Mubarak’ is used by Muslims to greet each other during the Eid al-Fitr and Eid al-Adha festivals

Oil was up Thursday morning in Asia, after the Organization of the Petroleum Exporting Countries and allies, or OPEC+, vowed to continue with a reduced output policy at a meeting on Wednesday. The U.S. also reported a draw in crude oil supplies.

Oil was up Thursday morning in Asia, after the Organization of the Petroleum Exporting Countries and allies, or OPEC+, vowed to continue with a reduced output policy at a meeting on Wednesday. The U.S. also reported a draw in crude oil supplies.

Oil was up Thursday morning in Asia, after the Organization of the Petroleum Exporting Countries and allies, or OPEC+, vowed to continue with a reduced output policy at a meeting on Wednesday. The U.S. also reported a draw in crude oil supplies.

The sluggish global oil demand recovery is putting off the point of oil market rebalancing and adding downward pressure on oil prices.  At the end of the first half of 2020 in June, many analysts and experts predicted that the global oil supply-demand balance would be in a sharp supply deficit in the third and fourth.

The global oil markets are in a “healthier place” compared to two months ago as renewed industrial and commercial activity fuels demand for crude and other products, according to the group chief executive of Abu Dhabi National Oil Company. “Some [purchasing managers indexes] actually are inching above the crucial 50 mark for the first time.

Oil prices fell around 3% on the week on fears of more economic disruptions as Covid-19’s rampage continues to devastate the United States and the world. Also weighing on crude was data from earlier in the week showing the first jump in U.S. output in three months, despite demand for fuel remaining fledgling at best..

Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand. Brent crude was down 93 cents, or 2.4%, at $37.80 a barrel by 0808 GMT. U.S. West Texas Intermediate crude was down $1.33,.