MOSCOW – The price of the futures contract for Brent crude oil with August delivery on London’s ICE increased by 1.31 percent and reached USD40.09 per barrel on Wednesday.
The last time oil of this grade was worth more than USD40 per barrel on March 6, when OPEC+ countries could not agree to extend oil output cuts at a meeting in Vienna. Next, oil prices collapsed to USD33 per barrel.
The coronavirus pandemic then only worsened the situation on the market as oil prices in April fell for the first time in 20 years to USD22 per barrel amid a decline in world fuel consumption.
However, in the middle of the month, prices began to recover after the OPEC+ countries renewed their agreements and undertook the biggest reduction in oil production in history.
In May and June, they will consistently remove 9.7 million barrels per day from the market.
According to sources, the alliance’s ministers could extend this level of reduction after June, while earlier they intended to relax restrictions. (TASS)
