Categories: Business

oil price climb 4 percent ahead of WTI crude contract expiry

Photo: GOOGLE

WTI crude up 5%

new Delhi. The situation is quite different this time in crude oil, which had seen the level below zero a month ago. Oil prices rose to a one-month high on Monday. This increase in prices has been observed due to production cuts by oil producing countries.

Brent crude rose more than 4 percent to close to $ 34 a barrel before the June expiry. During the business, Brett Crude saw the highest level since April 13. WTI crude also gained nearly 5 per cent to near the level of $ 31 per barrel. The June contract expires on Tuesday.

Earlier last month, just before the expiry of the May contract, the price of crude reached near $ 40. Due to lack of demand and continued supply, the place of placing crude oil was eliminated, due to which traders offered money instead of asking for money to sell the deal.

This post was published on May 18, 2020 7:07 pm

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