Oil prices closed Monday’s trading session, the first sessions of the week on the rise, to record “NYMEX” the highest level in two months, with the support of the current supply cuts in addition to the signs of a gradual recovery in the demand for fuel.
The price of futures contracts for US NYMEX crude for June delivery rose by 8.1%, to record $ 31.82 per barrel, the highest level for this contract, the most active since March 11.
The price of Brent crude for July delivery in July increased to $ 35.01 a barrel, or 7.7%.
Black gold received support from additional signs confirming a gradual return to fuel demand in light of the fact that more countries are working to ease the restrictions imposed to combat the spread of the Corona epidemic.
Oil prices also benefited from hopes of finding a vaccine against the Corona virus, which paralyzed demand for crude.
Oil prices come at the end of the June contract for West Texas crude delivery tomorrow, Tuesday, but it is unlikely that the same scenario that occurred in the past decade of May will be repeated when prices fell to the negative range for the first time.
Data for oil exploration activity in the United States shows that US crude production is declining, as more companies shut down drilling platforms.
And at the beginning of this month, a historic agreement to reduce oil production levels by OPEC member states and non-OPEC allies led by Russia began to be implemented.