[ad_1]
Reuters
Oil prices rose sharply today, Thursday, to continue their recovery after oil-producing countries announced that they would accelerate the reduction in their planned production to address the sharp collapse in oil demand due to the Covid 19 pandemic.
Brent rose 96 cents, or 4.7 percent, to settle the settlement price at $ 21.33 a barrel, while West Texas Intermediate rose $ 2.72, or 19.7 percent, to close at $ 16.50.
It is noteworthy that the Organization of the Petroleum Exporting Countries and other oil producing countries agreed within the framework of the OPEC + coalition, this month, to reduce production by an unprecedented amount of 9.7 million barrels per day, or around ten percent of world supply, to support crude prices, but prices continued to decline.
Kuwait said today that it had begun to cut its oil supplies to the global market, before the May 1 date specified for the production cut agreement to enter into force.
The oil market is experiencing sharp fluctuations in light of declining global demand for crude oil due to the Corona pandemic and measures taken to limit the spread of the virus, as economic activities in many countries of the world have declined.
In light of these fluctuations, the International Energy Agency and OPEC lowered their forecasts for world oil demand this year.
Source: Reuters + agencies
[ad_2]
