Oil prices growth after three sessions of strong decline

US, WASHINGTON (ORDO NEWS) — Oil quotes in the world on Thursday evening continue to rise, the growth rate accelerated to 15-22% as part of the correction after three-day volatility, according to trading data.

As of 17.30 UTC, the price of May futures for the North Sea Brent crude oil rose by 13.59% to $ 28.26 per barrel, a minute earlier the indicator had grown by 15%.

The cost of May futures for WTI crude oil rose by 22.23%, to 25.46 dollars per barrel. A day earlier, the indicators updated lows from the early 2000s.

Oil quotes are rising as part of the correction after oil prices fell by an average of 30-40% in three days, at the beginning of the week Brent oil was worth a little less than $ 36, in WTI – $ 34 per barrel.

The collapse in oil prices was associated with the risks surrounding the coronavirus and its impact on the growth prospects of the global economy, which, as the markets expect, will affect oil demand.

“After yesterday’s collapse, people come to the market because they expect a slight reduction in oil production in the future, but this is not enough to offset the decline in demand that the market expects in April and May,” said Andrew Lipow.

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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.