Oil price hits highest level since April 13

Last Friday (15), oil prices reached the highest level since April 13. The result came after signs that demand for the commodity is increasing and China announced an increase in operations. 

West Texas Intermediate (WTI) oil was up 65 cents, or 2.36 percent, at $28.21 per barrel after hitting $28.75, its highest level since early April. WTI gained 9% in the previous session. In London, Brent crude oil rose 81 cents, or 2.6%, to $31.94, after hitting $32.50, the highest level since April 13. Brent rose almost 7% on Thursday.

In an interview with Reuters, SEB chief commodities analyst Bjarne Schieldrop said of the results: "Further signs of recovery in demand, coupled with deepening OPEC+ production cuts, as well as shut-ins and natural declines from countries outside OPEC+, are helping oil prices recover."


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