Oil prices continue to rise on Friday after a significant jump the day before. According to Interfax, the cost of WTI on Thursday soared by a record 24% on the report that the us Department of energy gave instructions to buy up to 30 million barrels of oil in the Strategic petroleum reserve (SPR), hoping to support prices in the us market.
WTI crude futures for April rose $1.11 (4.4%) to $26.33 per barrel in electronic trading on the new York Mercantile exchange (NYMEX) by 8:15 GMT. By the close of previous trading, the contract price was $ 25.22 per barrel, up $4.85 from the previous session.
The May price of Brent crude futures on the ICE Futures exchange in London by this time is $29.25 per barrel, which is $0.78 (2.74%) higher than the closing price of the previous session. At the end of trading on Thursday, futures rose in price by $3.59 (14.4%), to $28.47 per barrel.
Additional support for prices was provided by information from the Wall Street Journal that the administration of US President Donald trump is considering intervening in the Russian-Saudi oil price war, seeking to stabilize the oil market.
Washington would like to achieve a diplomatic reduction in oil production from Saudi Arabia and, in addition, is studying the possibility of introducing new sanctions against Russia, sources told the newspaper.