US oil rises and Brent crude falls

Shafaq News / US oil prices rose at the beginning of Asian trading on Wednesday, by more than 18% after it collapsed at the beginning of the week to an unprecedented level, reaching nearly $ 40 below the barrel.

At the beginning of the session, the price of West Texas Intermediate crude for June delivery increased by 18.93% to reach $ 13.76 a barrel, after it incurred heavy losses in New York on Tuesday.

The price of West Texas Intermediate crude for May delivery collapsed on Monday for the first time in history to below zero, recording minus $ 40.32 a barrel, after sellers had to pay buyers to receive crude oil from them, in light of the storage facilities being full and the demand for black gold declined because of the repercussions of Corona epidemic.

The price of Brent futures for June, on Wednesday, fell below $ 16 a barrel for the first time since 1999, according to trading.

Brent crude price below $ 16 a barrel for the first time since 1999 .

As of 7:34 Moscow time, the price of Brent North Sea crude futures fell 12.62% to $ 16.89 a barrel.

The price of Brent North Sea crude futures for June at 6:42 Moscow time, decreased by 12.62% to $ 16.89 a barrel.

West Texas Intermediate crude futures were recorded, for the first time in history and decreased to minus $ 37 a barrel.