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Brent Crude Oil Price Rises to More Than $32 Dollars Per Barrel, First Time Since 14 April

© REUTERS / Nick OxfordPump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019
Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019 - Sputnik International
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Earlier in the week, oil prices dropped due to concerns about storage overcapacity and the risk of a new round in the US-China tariff war, as the global oil market is shaken by the affect of the coronavirus pandemic in recent months.

The Brent crude oil price has risen to more than $32 per barrel for the first time since 14 April, according to market data.

As of 00.49 Moscow time (21:49 GMT), the price for July futures of Brent has risen by 17.9 percent, up to $32.06 per barrel, while June futures for WTI oil as of 00.52 Moscow time (21:52 GMT) went up by 24.28 percent, to $25.34.

Amid global oil market struggles to overcome the aftermath of the coronavirus-caused crisis, the Russian Finance Ministry forecasts an average oil price of about $30 per barrel in 2020, expressing hopes that the figure will be slightly higher in 2021.

"As for forecasts, this year we are expecting about $30 per barrel [on average for the year], next one - slightly more," Russian Finance Minister Anton Siluanov said in an interview with the Vedomosti business daily.

As countries announce plans to gradually lift coronavirus lockdowns, optimism has risen among the investor class, despite that oil prices slumped earlier in the week due to the possibility of a new round of the US-China tariff war

Starting from 1 May, the earlier adopted OPEC+ deal that envisaged global oil production cutting came into force. Under the deal, the signatories have committed to cutting production by 23 percent throughout May-June, then by 18 percent throughout July-December, and then by 14 percent thereafter until April 2022, with the baseline level set on October 2018.

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