Oil prices continue to rise in Asia

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Oil prices continued to rise in Asia on Friday, driven by signs of a reduction in production and tension between the United States and Iran, after an unprecedented decline.
The price of a barrel of West Texas Intermediate crude in the US market, delivery in June (June) rose 4.61% to $ 17.26 in the first exchanges Friday in Asia.As for the price of Brent North Sea crude oil reference in the international market, it increased 3% to $ 21.97.

The Organization of Petroleum Exporting Countries (OPEC) agreed with its partners in April to cut production by about 10 million barrels per day as of May, and countries began to implement the agreement, as reported by the bank “ANZ”.

The bank said in a note that “Kuwait stated that it started reducing production before May 1, and Algeria also informed OPEC of its desire to reduce immediately” its production.

Tensions in the Gulf contributed to raising prices.

The American barrel began to rise quickly on Wednesday after US President Donald Trump confirmed in a tweet that he had issued an order to “destroy” every Iranian ship dangerously approaching US ships in the Gulf.

Prices continued to rise on Thursday, after the commander of the Iranian Revolutionary Guards pursued a war of words with Washington, promising a “decisive response” to the United States if it carried out the threats of its president.

But black gold prices remain at their lowest levels recorded in years with the drop in demand for oil due to the decline in economic activity resulting from the isolation measures imposed in many countries of the world to prevent the spread of the Covid 19 epidemic.

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