Oil prices recovered to the level before record fall

During the trading session on 30 April, the reference price of oil grades Brent and WTI continued to grow. This is evidenced by trading on the London stock exchange.

The June contracts for the supply of North sea oil Brent at the close of the previous trading day rose by 12.11% – to $25,27 per barrel. Quotes for WTI rose by 11.81% to $16,84 per barrel.

As the findings of the site Investing.comthe price of oil recovered to the level of April 20, when WTI had fallen to negative values.

Agency Reuters notes that the raw material continues to rise in connection with reduction of stocks of gasoline in the United States, not as fast as expected, filling of oil storage tanks, as well as the expected lifting of quarantine restrictions in some European countries and some us States.

On 20 April the price of may futures WTI for the first time in the history became negative (fall in the value of contracts with maturity in June and later was a minor). According to the Agency Reuters, 20 APR quotations fell to minus $40 per barrel.

By Friday, April 24, the price of oil recovered (WTI was trading at $17,9 per barrel and Brent at us $22.8), but in the beginning of the week prices again collapsed.

Thus progress in early April, the agreement OPEC+ on the reduction of oil production to 9.7 million barrels per day in may and June, which is about 10% of the total placed on the market of raw materials, strong impact on the stock did not have. As the Agency Reuters, this is not enough to compensate for the overabundance of raw materials on the market.

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