The Price of Brent Oil Exceeded 32 Dollars
OREANDA-NEWS. The price of futures for Brent crude oil for delivery in July 2020 on the London Intercontinental Exchange accelerated growth to 3.2 % and reached 32.13 US dollars per barrel. This is evidenced from the data for 6:02 UTC. Such level of the price was gained for the first time since May 6.
According to the data at 6:17, Brent price was at the level of 32.22 dollars per barrel, which is 3.5 % higher than the closing level of previous trading day.
WTI oil is trading at 28.52 dollars per barrel, which is higher by 2.3 % than during the previous session.
Alexander Frolov, deputy director of the National Energy Institute (Russia), stated that the demand for oil has not yet recovered, so price fluctuations will continue to persist even after the measures of OPEC+ had been taken. He noted that the OPEC+ deal does not solve the problem of oil prices, but just creates the prerequisites for a more rapid recovery of quotations, if demand is restored. The main problem of the market has not yet been resolved: the demand for fuel is not recovering, even if there are some progress in China, Frolov resumed.