In April, U.S. crude, West Texas Intermediate (WTI), dropped to it’s all-time low and closed negative for its first time in history, while Brent crude dropped close to a 21-year low as the COVID-19 pandemic paused economic growth globally.
The Organization of Petroleum Exporting Countries and its petro allies, also known as OPEC+, had earlier increased crude oil production, before agreeing on the new oil production cut deal that took effect yesterday.
Brent futures for July dropped by 0.15%, to settle at $26.44 per barrel, while the June Brent contract expired on Thursday at $25.27. Meanwhile, U.S oil closed about 5% higher at $19.78, after surging above $20 earlier in the oil trading session.
The Organization of Petroleum Exporting Countries and its petro allies, also known as OPEC+, had earlier increased crude oil production, before agreeing on the new oil production cut deal that took effect yesterday.
Brent futures for July dropped by 0.15%, to settle at $26.44 per barrel, while the June Brent contract expired on Thursday at $25.27. Meanwhile, U.S oil closed about 5% higher at $19.78, after surging above $20 earlier in the oil trading session.