The price of Brent crude oil rose above $ 32 per barrel for the first time since April 14, according to trading data.
As of 5:49 PM Washington, DC, USA time, the price of July futures for the North Sea oil mix increased by 17.9% – up to $ 32.06 per measure.
June futures for WTI oil as of 5:54 PM Washington, DC, USA time went up by 24.28%, to 25.34 dollars.
The situation with oil prices
In early March, oil quotes plummeted amid a significant reduction in demand due to the coronavirus pandemic, as well as after the collapse of the OPEC + deal, when its participants could not agree to extend the agreement to reduce
In anticipation of a new meeting OPEC + prices began to recover. As a result, on April 12, member countries of the organization agreed to reduce production by 9.7 million barrels per day in May-June, by 7.7 million in the second half of the year, and by 5.8 million further until the end of April 2022.
However, according to the International Energy Agency, the OPEC + agreement, which entered into force on May 1, is not able to compensate for the drop in global demand.