Oil prices rise on the last day of the month of violent volatility

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Oil prices rise on the last day of the month of violent volatility

Reuters

Oil prices jumped on Thursday after a number of producers said they would cut production and indications that the US crude glut was not growing as fast as some had feared.

These indicators led to a positive end to one of the most volatile months of oil trade in history.

Global demand for fuel fell about 30 percent in April, and even after major crude producers agreed to cut production by 10 million barrels per day, US oil futures closed on April 20 at a record low in the negative region.

The collapse of West Texas Intermediate crude futures in the United States caused nervous dealers to avoid surrender by the end of the May contract period for the month of the earliest maturity, forcing traders to pay $ 37.63 a barrel when settling to get rid of their contracts.

Prices have recovered somewhat, but have been falling more than 60 percent since the beginning of the year.

On his last day as a contract for maturity, Brent futures for June delivery rose $ 2.73, or 12 percent, to $ 25.27 a barrel upon settlement, while West Texas Intermediate U.S. crude futures for June rose $ 3.78, or 25 percent, to $ 18.84 when the settlement was, This is the highest closing level for Brent since April 20 and US West Texas Intermediate crude since April 16.

And Brent futures gained the most active in terms of trading for the month of July, which will soon become a contract with the nearest maturity, about nine percent to $ 26.48 a barrel upon settlement.

Source: Reuters





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