Oil prices on Tuesday morning corrective rise within 5% after falling to the lows since 2002 the day before. This is evidenced by trading data, reports Prime.
The price of May futures for the North Sea Brent brand oil mix is growing by 1.05%, up to $ 23 per barrel. June Brent futures go up 1.67% to $ 26.85 a barrel.
The cost of May futures for WTI crude oil is rising by 5.13%, to $ 21.12 per barrel. On Monday, WTI prices fell below $ 20 per barrel, the first time since February 2002, and reached $ 19.92 per barrel. The price of Brent fell below $ 22 per barrel for the first time since March 2002.
Oil markets faced a double blow due to an outbreak of coronavirus and a possible price war between Saudi Arabia and Russia after the OPEC + alliance could not agree on deeper cuts in crude production in early March to support oil prices.
Russian Presidents Vladimir Putin and the United States Donald Trump discussed the situation on the oil market in a telephone conversation on Monday.
"The heads of state expressed serious concern about the scale of the spread of coronavirus in the world and informed each other about measures taken to counter this threat in Russia and the USA. The possibilities of closer interaction between the two countries in this direction were discussed," the Kremlin press service said in a statement.
"An exchange of views was also held on the current state of the world oil market. It was agreed on Russian-American consultations on this subject through energy ministers," the report said.