Tuesday, 26 May 2020

A Rise In World Oil Prices After A Remarkable Low

Baghdad, Oil prices rose in Asia today, Tuesday, after a day of its decline to its lowest level in 18 years.

Texas Intermediate rose by 7.3% to record 21.5 dollars per barrel, while Brent International benchmark crude increased by 3.3% to reach 23.5 dollars per barrel.

Oil markets fell at a time when the world’s governments imposed complete isolation measures to prevent the spread of the coronavirus, causing low demand for crude.

The crisis worsened after the largest oil producers (Saudi Arabia and Russia) launched a price war that followed disputes over production cuts to support the energy markets affected by the virus.

But prices recorded a strong recovery on Tuesday, as investors took advantage of falling prices to buy at low prices, amid a focus on measures unveiled by world governments to stimulate the global economy, including the two trillion-dollar package in the United States.

The markets also improved on the background of the contact that took place on Monday between US President Donald Trump and his Russian counterpart, Vladimir Putin, where they discussed oil prices.

Source: National Iraqi News Agency

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