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A rise in West Texas crude oil prices and the Brent mix, after some countries began easing isolation measures with the relative decline in the Corona virus, and expectations that long-term demand will decline permanently .
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Oil markets begin to recover as easing measures ease
Oil prices rose during trade on Tuesday, backed by hopes of recovering fuel demand, with European and Asian countries and some US states. USA Beginning to alleviate public isolation measures related to the Corona virus.
US West Texas Intermediate crude oil futures rose 18.7% to $ 24.22 per barrel, while global benchmark Brent crude oil futures rose 11.6% to $ 30.36 per barrel.
Oil market chief executive Russell Hardy said: “Oil markets are at the beginning of a fragile recovery with declining isolation measures, but the peak of long-term demand may disappear permanently.”
Hardy added to Reuters that global demand fell between 26 and 27 million barrels per day in April, expecting an annual decrease of more than 8 million barrels per day.
Company CEO “Vitol” said the oil markets “will switch between optimism and pessimism over the next two to three weeks.”
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