US, WASHINGTON (ORDO NEWS) — World oil prices continue to rise, trade data say.
As of 17:52 UTC, June futures for the North Sea Brent mixture rose 11% to $ 22.59 per barrel.
June futures for WTI rise in price by 29.03%, to 17.78 dollars per barrel.
During the bidding, the price of US oil rose above $ 18 per barrel.
The World Bank predicts that in 2020 the average oil price will be at $ 35 per barrel. Thus, the WB worsened its October forecast, which featured the figure of 58 dollars.
According to analysts, in 2021 the average price will rise to $ 42 per barrel.
Coronavirus and related measures negatively impacted global demand and trade, transportation and tourism. Analysts expect a decline in the global economy, which negatively affects estimates of oil demand with a possible oversupply.
On April 20th, the value of WTI for May delivery on the New York Mercantile Exchange reached a negative value of minus $ 40.32 per barrel.
The next day, June futures fell in price: WTI was trading at $ 6.55 per barrel, Brent fell below $ 18. Subsequently, prices began to recover.
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