Oil prices win back the collapse of the beginning of the week

US, WASHINGTON (ORDO NEWS) — World oil prices on Thursday morning show a steady increase of nine to twelve percent, continuing to partially win back the fall at the beginning of the week.

As of 7:28 UTC, the cost of June futures for the North Sea Brent mix rises by 9.28% – to 22.24 dollars per barrel, WTI – by 11.54%, to 15.39 dollars. Minutes earlier, the increase was within seven to ten percent.

On Monday, the price of WTI raw materials for May delivery for the first time in history fell to negative values, quotes on the NYMEX reached minus $ 40.32 per barrel. The next day, the value of June futures fell by 43.4%, to 11.57 dollars per barrel (during the trading session it dropped to 6.55 dollars).

On Wednesday, the price of June Brent crude futures fell to a minimum since December 11, 1999 – below $ 16 per barrel.

The COVID-19 pandemic provoked a record decline in oil prices due to a collapse in demand for raw materials. The negative impact on the market was the lack of an OPEC + agreement. The deal was only concluded in mid-April, which helped to temporarily stabilize the market situation, but then prices began to fall again.

Against the backdrop of coronavirus and an excess of raw materials, OPEC and the International Energy Agency expect a record decline in oil demand this year.

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