Crude oil prices continue to climb

Crude oil prices continue to climb

© Nabil Al-Jurani / dpa
Iraq is also planning to cut oil production.

Oil prices are still on a recovery course. Contributed to this is alleged progress in the agreement on a funding restriction.

Oil prices rose slightly on Friday, continuing their recent recovery. Traders point to alleged progress in negotiations with leading crude oil producing countries. A barrel (159 liters) of the North Sea type Brent cost $ 40.18 in the morning. That was 19 cents more than the day before. The Brent price has so far increased by almost five dollars or around 14 percent this week. The price of a barrel of the American West Texas Intermediate (WTI) grade rose five cents on Friday to $ 37.46.

The Russian news agency Tass reported that a meeting of the oil ministers of the Opec + association will take place on Saturday. The meeting was officially scheduled for June 9-10. Recently there was great uncertainty as to whether and when the meeting will take place.

Iraq is, according to the report, the major producing countries, like Russia and Saudi Arabia. He admitted that he had problems deciding to cut funding. However, this should be made up for in July.

According to media reports, Russia and Saudi Arabia want to extend the current restrictions on crude oil production by one month. Both countries had called on other countries to reduce their funding more, since they had recently failed to adhere to the quotas. In addition to Iraq, Nigeria and Kazakhstan were the focus of criticism.

Oil prices have been on a recovery course since the end of April after the Corona crash. The price for a barrel of the North Sea Brent has risen again by around 150 percent since the low reached in mid-April. The prices for the US variety WTI rose sharply again. In the wake of the Corona crisis, oil prices collapsed – the Brent price fell from around $ 60 in mid-February to $ 16 in April.

More: What private investors should now know about oil stocks


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