Oil prices rising

Oil prices rose slightly on April 5 after the biggest fall in almost two years at the end of last week, Report informs.

The price increase was influenced by the announcement of the US, followed by other countries, about their intention to release stocks from strategic reserves.

June Brent futures rose by $0.21 (0.2%) on the London ICE Futures exchange to $104.6 per barrel. On April 1, prices fell by $0.32 (0.3%) to $104.39 per barrel.

By this time, May futures for WTI grew $0.09 (0.09%) in online trading on the New York Mercantile Exchange (NYMEX), to $99.36 per barrel. On April 1, WTI fell $1.01 (1%) to $99.27 per barrel.

At the end of last week, Brent prices fell by 11.1%, WTI prices by 12.8%, the weekly drop in the value of both brands was the most significant since April 2020.

Another factor is the situation in China, where COVID-19 cases continue to rise and tight restrictions remain.

www.anews.az