Oil prices will rise over the summer and reach $300 per barrel in August, United States Treasury Secretary Steven Mnuchin predicted on Wednesday, APA reports citing Fox Business Network.
He added that he "never thought" it possible to witness negative oil prices which were recorded for the first time in history earlier this week. Mnuchin also stated that the Trump administration is trying to find new ways to back US oil producers.
Mnuchin's comments came as June oil futures prices saw a rebound. Meanwhile, August West Texas Intermediate (WTI) gained 12.68% and went for $24.38 per barrel at 9:29 am ET.