Oil costs on Thursday rallied greater than 20% following experiences of a doable deal to chop manufacturing by an unlimited 10 million barrels per day, however one analyst remains to be predicting that Brent crude will sink to $10 a barrel.

The benchmark Brent crude was buying and selling up 9.92% buying and selling at $32.91 on Friday afternoon in Asia, whereas West Texas Intermediate gained up 4.82% at $26.54.

"We're projecting that Brent goes to drop to round $10 a barrel in April and can seemingly keep at that stage within the second quarter," mentioned Victor Shum, vp of vitality consulting at IHS Markit.

"There may be little probability of any OPEC+ deal that is going to avoid wasting the crude oil market from the assault of the COVID-19," he advised CNBC's "Capital Connection" on Friday. "I feel any speak of huge cuts might be too little, too late."

Oil futures have fallen greater than 50% for the reason that starting of the 12 months amid a Saudi-Russia worth conflict and demand destruction due to the coronavirus pandemic.

Riyadh may, nonetheless, as...