Negative effects of Covid-19 and excess supply continue to put downward pressure on oil prices, which declined to the lowest levels of 18 years.
Brent oil was traded at $ 24.57 a barrel, rising 4.73 percent compared to closing at 09.08. At the same time, the West Texas crude oil (WTI) found buyers at $ 19.57 a barrel.
The US Energy Information Administration (EIA) reported that there were sharp fluctuations in oil prices this month, as the new type of coronavirus (Covid-19) caused an economic decline globally and the OPEC + group, which was made up of allies with the Organization of the Petroleum Exporting Countries (OPEC), could not decide to cut production.
The news that "Russian President Vladimir Putin and US President Donald Trump have reached an agreement to establish a dialogue between the USA and Russia in the field of energy" was also influential in the rise of global oil prices. Experts say that the markets maintain their concrete step expectations from 3 countries, including Saudi Arabia.
On the other hand, Covid-19's negative effects and excess supply continue to exert downward pressure on oil prices, which declined to the lowest levels of 18 years.