Oil Price Improves, Hits $34 Per Barrel
Crude oil prices Monday rose to $34.82 per barrel in what has been interpreted as a result of the gradual easing of the restrictions earlier caused by the coronavirus pandemic.
Brent crude rose by $2. 32 per to add to $34.82 per barrel, an increase so far the highest since middle of April.
Bloomberg reports that the US West Texas Intermediate (WTI) crude sold at $3.35 rise at $32.78 per barrel, being the highest since mid-March.
According to the report, this was as a result of the easing of the lockdown.
Indications were also that the decision by the Organisation Petroleum Exporting Countries (OPEC) and its allies, such as Russia, a grouping known as OPEC+ also led to the rise in crude price.
Saudi Arabia which is one of the biggest exporters of crude oil last week said it would would cut an additional one million barrels per day in June.
Similarly OPEC+ is also of the decision that the existing oil cuts will continue even after June.
Brent crude rose by $2. 32 per to add to $34.82 per barrel, an increase so far the highest since middle of April.
Bloomberg reports that the US West Texas Intermediate (WTI) crude sold at $3.35 rise at $32.78 per barrel, being the highest since mid-March.
According to the report, this was as a result of the easing of the lockdown.
Indications were also that the decision by the Organisation Petroleum Exporting Countries (OPEC) and its allies, such as Russia, a grouping known as OPEC+ also led to the rise in crude price.
Saudi Arabia which is one of the biggest exporters of crude oil last week said it would would cut an additional one million barrels per day in June.
Similarly OPEC+ is also of the decision that the existing oil cuts will continue even after June.
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