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Brent Crude Futures For July Delivery Rise Over $25 Per Barrel - Market Data

© REUTERS / Nick OxfordCrude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016 - Sputnik International
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As the coronavirus pandemic continues to hit global markets, oil prices have experienced dramatic falls. On 23 April, however, Brent and WTI crude reported modest gains, reaching $22.25 and $15.7 per barrel, respectively.

The Brent crude price for July delivery rose to over $25 per barrel, according to market data.

As of 02:54 Moscow time on Monday (23:54 GMT on Sunday), the price of July futures for Brent crude rose 0.93 percent, up to $25.04 per barrel. The price of June futures for Brent crude was $21.64 per barrel.

The price of June futures for WTI crude fell 1.42 percent in the early hours of Monday, down to $16.7 per barrel.

Earlier in the month, the price for WTI futures went into negative territory for the first time in history as the effects of the COVID-19 pandemic weaken demand for oil products. On 22 April, June futures for Brent crude oil slumped 26.95 percent to $18.68 per barrel, the lowest price since December 2001.

To respond to the oil market crisis caused by the pandemic, OPEC+ oil producers reached a new agreement on 12 April to collectively reduce oil production by 9.7 million barrels per day for two months, starting 1 May.

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