Oil has week high after price drop

Last Friday (1), oil futures contracts had the first week of gains after three weeks of consecutive losses.

The Brent oil contract for July closed down 0.15%, at $26.44 per barrel at ICE in London, while WTI's for June slumped 4.98 percent to $19.78 per barrel on the New York Commodity Exchange. During the week, Brent's contract advanced nearly 5%, while wti's posted gains of nearly 15%.

It is worth remembering that in recent weeks, oil has suffered a sharp drop in demand due to the COVID-19 crisis. However, major economies in Europe are expected to reopen again after the blocking measures needed to contain the virus. Thus, it is possible to expect signs of recovery, especially in China and Asia, which may favor for demand to resume.


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