Members of the Organization of the Petroleum Exporting Countries and allies (OPEC +) signed an agreement to reduce production by 9.7 million barrels per day during the months of May and June.
At 4:13 GMT, June futures for West Texas Intermediate (WTI) rose 3.93% to hit $ 19.58 a barrel. At a certain time, the price came to stand at $ 20.48 per barrel.
Meanwhile, Brent brand futures for July delivery rose 1.66% to just under $ 27 a barrel.
A historic crash
The price of oil is going through difficult times due to the drop in global demand caused by the covid-19 pandemic. On April 20, the price for WTI futures for May delivery sank to negative levels for the first time in history, going down until -37.63 dollars per barrel.
The fall in WTI caused the price of Brent crude for June delivery to drop 7.8%, standing at less than $ 26 a barrel. Futures for immediate delivery of oil from the Russian brand Urals also began trading at a negative price of up to $ -2 per barrel on April 20.
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