An increase in oil prices after Russian statements

Economy

26-05-2020, 11:47

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INA- follow-up

Oil prices rose today, Tuesday, as the Brent barrel rose above the level of $ 36, with increasing optimism in the markets about restoring the balance between supply and demand, after Russian statements

Brent crude futures rose 2.08% to $ 36.27 a barrel

Meanwhile, US light crude futures increased 3.67% to $ 34.47 a barrel, according to the Bloomberg website.

Investors were optimistic in the oil market thanks to clear signs of a commitment to production cuts by the countries of the "OPEC +" agreement, in addition to more countries lifting quarantine restrictions, which will help in recovering demand for crude.

The oil markets were supported by Russian statements that they had reached the level of cuts required under the "OPEC +" agreement, as they must reduce their oil production by two million barrels per day.