Oil Prices Recover 3% after Collapse
The price of April WTI futures increased by 3.3% - to $ 35.5 per barrel, according to 5:30 Moscow time. However, then it slowed down to $ 34.8 per barrel (+1.2%). Oil quotes on March 10 began to win back the fall - May futures for Brent on the London ICE exchange grew during the day by more than 10% and cost more than $ 38 per barrel.
Oil fell sharply on the news that the OPEC+ countries on the basis of negotiations in Vienna on March 6 were unable to agree on an additional reduction in oil production amid falling demand due to coronavirus. OPEC proposed to further reduce production by 1.5 million barrels per day until the end of this year. However, Russia and Kazakhstan opposed this proposal.