The price of a barrel of Brent crude rises to about $ 33
American crude prices jumped 7% to reach their highest levels since last March, against the backdrop of increasing demand for oil at a time when countries around the world are easing the travel restrictions they imposed to limit the spread of the emerging Corona virus.
And US crude gained 19.7% over the week and Brent crude rose 5.2% after a week of positive news. Both contracts increased for the third week in a row, and WTI settled at 1.87, equivalent to 6.8%, at $ 29.43 a barrel, to drop slightly From the highest level in the session at $ 29.92, the highest level since mid-March, West Texas Intermediate jumped nine percent in the previous session.
And Brent crude was settled at an increase of $ 1.37, or 4.4%, at $ 32.50 a barrel. Brent won about seven percent on Thursday, the market remains cautious, while the Corona virus pandemic has not ended yet, and new groups of infection have emerged in some countries that alleviate isolation measures.
And unprecedented production cuts began by about ten million barrels per day by OPEC and producers allied to it, in the context of what is known as the “OPEC +” group for the months of May and June, while Saudi Arabia, Kuwait and the UAE pledged to cut more of their obligations, and Oman said on Friday that it was studying Production was further reduced in June, too. Source