As the coronavirus pandemic continues to hit global markets, oil prices have experienced dramatic falls. On 23 April, however, Brent and WTI crude reported modest gains, reaching $22.25 and $15.7 per barrel, respectively.
The Brent crude price for July delivery rose to over $25 per barrel, according to market data.
The price of June futures for WTI crude fell 1.42 percent in the early hours of Monday, down to $16.7 per barrel.
Earlier in the month, the price for WTI futures went into negative territory for the first time in history as the effects of the COVID-19 pandemic weaken demand for oil products. On 22 April, June futures for Brent crude oil slumped 26.95 percent to $18.68 per barrel, the lowest price since December 2001.
To respond to the oil market crisis caused by the pandemic, OPEC+ oil producers reached a new agreement on 12 April to collectively reduce oil production by 9.7 million barrels per day for two months, starting 1 May.
Sourse: sputniknews.com
