[ad_1]
Brent futures for July delivery rose 14.12% on Tuesday.
Brent oil futures for July delivery have risen 14.12% on Tuesday to $ 31.04 per barrel.
The last time the price of this brand oil was above $ 31 per barrel was on April 14, 2020.
The West Texas Intermediate (WTI) crude price reached $ 24.2 a barrel.
Oil prices are going through difficult times due to the drop in global demand caused by the covid-19 pandemic. However, since late last week, prices have been rising amid hopes of restoring demand as some coronavirus quarantine restrictions are lifted.
In addition, on May 1, the agreement of the members of the Organization of Petroleum Exporting Countries and allies (OPEC +) to reduce oil production by 9.7 million barrels per day during the months of May and June.
On April 10, Dmitri Peskov, the spokesman for Russian President Vladimir Putin, declared that the new agreement “will have a positive and stabilizing effect in world energy markets “and will help avoid chaos in the global economy.
According to the forecast of the International Energy Agency, in the second quarter of 2020 the excess oil in the market will amount to 23 million barrels per day.