Oil rises in price amid oil demand recovery hope, Brent is at $28 a barrel

10:19 - 5.05.2020


May 5, Fineko/abc.az. Oil prices are rising in trading on Tuesday against the background of hopes of demand recovery, after restrictions imposed in connection with the coronavirus pandemic are lifted.

The recovery in oil consumption is likely to be very gradual, and tensions between the U.S. and China are expected to complicate the process.

By 9:45 am, at the London ICE Futures Exchange the Brent crude futures for July rose in price by $1.26 (4.63%) up to $28.46 per barrel.

Following the trading on 4 May at the ICE Futures Exchange July’s futures grew by $0.76 (2.87%) up to $27.20 a barrel.

By 9:45 am, at the New York Mercantile Exchange (NYMEX) the WTI futures for June increased by $1.36 (6.67%) up to $21.75 per barrel.

At the end of trading on 4 May at the NYMEX the June’s WTI oil futures rose by $0.61 (3.08%) up to $20.39 per barrel.

 

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