Oil prices jump to a monthly record


Shafaq News / Brent crude rose today at $ 33 a barrel for the first time since April 13, breaking the oil price index for a month, according to trading data on the London Stock Exchange on Monday.

Brent crude futures for July 2020 rose 1.6% to $ 33.02 a barrel. The last time oil was traded above $ 33 a barrel was on April 13, 2020.

The price of West Texas Intermediate crude for July delivery rose above $ 30 a barrel for the first time since March 17, making a jump of 1.80%, and at dawn today it reached $ 30.05 a barrel.

On May 15th, Brent oil prices rose and broke the barrier of $ 32 a barrel during trading on the London Stock Exchange. And then the futures contracts for July for Brent benchmark mix rose to $ 32.2 a barrel, up 3.3 percent.

Oil prices returned to growth after the restored OPEC + production cut agreement on May 1 took effect. as the decision of many countries, including Saudi Arabia, to voluntarily cut production has positively affected prices.

The International Energy Agency previously stated that although the impact of the measures taken is already noticeable, they are still small in order to achieve full and lasting stability in the black gold market.

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