Global Oil prices extend gains, WTI Crude trades up more than 26 percent

Global Oil prices extend gains, WTI Crude trades up more than 26 percent
  • Clock-gray 01:00
  • calendar-gray 20 March 2020

Global oil prices continued to rise on Thursday evening, with WTI crude futures growing more than 26 percent and Brent oil futures gaining over 15 percent in a volatile day of trade, APA rpeorts quoting Sputnik.

As of 19:00 GMT, the price of May futures for Brent crude surged 15.11 percent to $28.64 per barrel, earlier reaching a daily high of $29.28 per barrel, while May futures for WTI crude were trading up 26.31 percent at $26.31 per barrel, earlier peaking at $28.14 per barrel.

Both prices recovered from lows unseen since the early 2000s that had been reached on Wednesday.

On 19 March, international agency Fitch Ratings lowered its forecast for the average Brent crude price this year to $41 per barrel. Earlier in the month, S&P Global Ratings also downgraded the Brent crude price forecast for 2020 to $40 per barrel from the previously expected $60.

Earlier in the week, oil prices dropped following the March 6 OPEC+ meeting in Vienna which sparked the crash. OPEC+ failed to reach an agreement amid a Saudi push to raise production cuts by 1.5 million barrels per day through the end of 2020, on top of the 2.1 million barrels per day in cuts already agreed upon.

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