The Brent crude oil futures price for July 2020 has increased by 3.64 percent during the trading at the ICE exchange in London on Tuesday to reach USD28.19 per barrel, the trading data available at 03:05 Moscow time shows.
The West Texas intermediate futures, meanwhile, is trading around USD27.87 per barrel (+2.46 percent). Brent hit the USD28 mark last time on April 17.
On May 1, OPEC+ agreement came into force, envisioning Organization of the Petroleum Exporting Countries (OPEC) countries cutting down oil production by 9.7 million barrels per day in May-June, while Russia and Saudi Arabia will reduce production by the equal shares of 2.5 million barrels per day from the base level of 11 million barrels per day.
The agreements will stay in force for two years, but the production will vary. The agreement parameters can be reviewed in December 2021
Source: PNA News
