Oil prices rise after OPEC + agreement comes into force

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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.

Crude oil prices have grown this Friday, the day the agreement OPEC + which reduces oil production by 9.7 million barrels per day for 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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