Oil prices have new high

After retreating to US$ 16, international oil prices rose on Wednesday (22). The reason would be the cuts in the production of the commodity in several countries. The agreement was defined because of the current coronavirus pandemic.

Brent crude oil rose 8.43 percent to $20.96 per barrel at 10:32 a.m. Pdt. U.S. crude advanced 18.93 percent to $13.76 per barrel. Earlier this morning, Brent touched $15.98 per barrel, the lowest level since June 1999. WTI crude fell 8.04 percent to $10.76.

With the deal signed by Opec+ and its allies, prices are expected to remain more stable in the market as production falls. The decision was made for economic reasons and the lack of storage capacity, caused by the high demand for oil in this pandemic scenario.


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