[ad_1]
News Now London – Great Britain (AFP)
The price of a barrel of oil reached just over $ 30 per barrel for the first time since mid-April, while measures to increase isolation began on an encouraging indicator to resume the consumption of black gold, which was severely affected by the recent crown outbreak.
At around 1:35 p.m. GMT (1535 Paris time), the price of the North Sea Brent barrel for July delivery reached $ 30.08 in London, an increase of 10.59% compared to its closing price on Monday, a level that has not been registered since April 15.
In New York, the price of West Texas Intermediate crude oil for June delivery rose 16.58% to $ 23.77.
The day before, oil prices rose at the close for the fourth consecutive session.
Craig Erlam, an analyst at Oanda, said “measures to lift isolation in the United States and Europe” explain the improvement in oil prices on Tuesday.
Naeem Aslam of the AvaTrade group confirmed Tuesday morning that optimism “to return to normal” in the world supports oil prices, referring to “previous approaches”.
For the epidemic like Italy and Spain, they mitigate the isolation measures “and the United Kingdom”, the course of which is supposed to be charted this week.
On Monday, around 15 European countries began easing the isolation measures they imposed on their residents weeks ago, with many preventive measures.
Across the Atlantic Ocean, California, the first US state. USA In imposing isolation to prevent a new crown outbreak, it will begin facilitating some measures this weekend, such as opening some stores, according to its governor, Gavin Newsom.
Islam added that “the worst has happened with respect to oil”, especially thanks to “reducing supply, voluntarily in one way or another” and “demand-oriented.”
There are great efforts to achieve a balance in the market. Since Friday, the Organization of the Petroleum Exporting Countries (OPEC) and its partners have reduced crude production by 9.7 million barrels per day, with the aim of stabilizing prices.
This exceptional measure, which will gradually decrease from July, aims to remove pressure in a market facing oversupply and total storage capacity, with a decrease in consumption as a result of the Covid-19 pandemic.
Image Source: REUTERS
Read more :
The latest developments in Corona. Saudi Arabia announces the registration of 955 new cases of virus recovery
[ad_2]
