On Tuesday morning, oil prices rose on Asian markets, after reports of possible cooperation between the United States and Saudi Arabia to stabilize prices. It is reported by Investing.
International Brent crude futures rose by 2.55% to $28.19 at 21:50 Eastern time (01:50 GMT), while WTI crude oil futures rose by 5.27% to $24.59 per barrel .
U.S. Secretary of Energy Dan Brouillette hinted on Monday that the US-Saudi oil alliance is one option to stabilize prices, as the coronavirus epidemic continues to cut demand, and the price war between Saudi Arabia and Russia has not signaled a weakening yet.
To recap, on March 23, the cost of contracts for Brent crude oil for delivery in May during trading on the ICE dropped from $26.75 to $24.68 per barrel. After that, oil recouped the losses a bit and cost about $26.3 per barrel.
The fall in oil prices began after Russia did not agree with the proposal of Saudi Arabia to further reduce oil production within OPEC. Saudi Arabia decided to respond to this with a price war – a Middle Eastern exporter offered large volumes of oil to European consumers at reduced prices.
Experts predict a possible fall in the price of Brent crude oil below $20 per barrel.
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