During the trading session on April 29 oil grades Brent and WTI has risen significantly. This is evidenced by data on trading on The exchange ICE Futures.
Thus, the June futures for North sea Brent increased in price by more than 14% to $23,35 per barrel. WTI has risen more than 33% – to $of 16.52 per barrel.
As noted by Reuters, oil rises amid reports about the level of oil reserves in the USA (they do not grow as fast as analysts had forecast). Also the price increase is due to a considerable reduction of stocks of gasoline in the United States (with the forecast growth by 2.5 million barrels stocks fell 1.1 million) and the expectations of the investors in connection with a partial easing of the quarantine restrictions in some European countries and American 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.
The rapid fall of oil prices caused a record drop in demand for hydrocarbons because of the pandemic coronavirus, and the ensuing economic crisis and fears of traders that storage facilities will soon be filled.
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.