During the may 5, oil prices rose to three-week highs. This is evidenced by the trading of The ICE Futures.
Thus, the cost of a barrel of standard grade Brent North sea oil for the first time since April 15 has risen above $30 per barrel. The maximum of contracts with maturity in July traded at $of 30.46. At the time of the news release quotes fell slightly – now a barrel costs $29,93 (+10,03% compared to the closing price of the previous trading day).
WTI rose in price by 16,18% – to $of 23.69 per barrel. This is the maximum value since April 20.
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) – during the day APR quotations fell to minus $40 per barrel. The level to record fall of oil quotations returned 30 April.
Oil rises in price on the background of the entry into force of the agreement OPEC+ about record reduction in oil production – by 9.7 million barrels per day, which is about 10% of the total placed on the market of raw materials.