International oil prices are rising as a result of countries’ easing of their travel procedures
oil prices closed, on Saturday, as countries eased their travel procedures, which were suspended due to the outbreak of the Corona virus and the start of oil-producing countries to reduce their oil production.
Brent prices rose 1.71 dollars, or 5.49%, to 32.84 dollars a barrel, while US crude prices rose 7.80% to 29.71 dollars.
Some European countries lifted the travel restrictions imposed as a result of the outbreak of the Corona virus during the recent period, which increased the demand for crude oil.
The OPEC + cuts and the decline in the business activity of shale oil sector companies to record low levels, as all operators closed wells that are not economically feasible, gave an additional boost to the rise in oil prices again. Source