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Oil prices continues to recover in Asian markets

Category: Economy

Date: 2020-05-05T10:00:00+0000
Oil prices continues to recover in Asian markets

Shafaq News / Oil prices continue to rise in the Asian markets on Tuesday, indicating an improvement in demand as countries with large economies begin to ease isolation restrictions with major producers reducing production.

The price of a barrel of US West Texas Intermediate June delivery rose 7.26% to $ 21.87 a barrel in trading on Tuesday morning.

The price of Brent North Sea barrel, the reference on the international market, for July delivery increased by 3. 86% to $ 28.25.

"The main indicators in the oil market are finally showing signs of improvement, and prices are reacting positively," said Stephen Ennis, an expert on global markets at Axi Corp.

He added "Reserves began to decline quickly with signs of improvement in demand at a time when the most important economies took the first step towards revitalizing the movement."

Oil prices closed higher on Monday for the fourth consecutive session, benefiting from the entry into force of the agreement to reduce production quotas among the major black gold producing countries late last week.

Under the agreement, the Organization of Petroleum Exporting Countries and its partners, from Friday to late June, will reduce crude production by 9.7 million barrels per day, with the aim of stabilizing prices.

This exceptional measure, which will ease as of July, aims to relieve pressure on a market facing an oversupply and full storage capacity, with reduced consumption as a result of the Covid-19 epidemic.

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