Last April, US crude fell to its lowest level ever, while Brent reached its lowest level in 21 years, as demand fell due to the pandemic, and OPEC and producers raised Others production before a new supply agreement was put into effect today.
Brent futures for July decreased 4 cents, or 0.2%, to be settled at $ 26.44 a barrel, and the June contract expired, the day before yesterday, at $ 25.27 .
The US West Texas Intermediate crude ended the session up 94 cents, or 5%, to $ 19.78 a barrel after climbing to $ 20 earlier in the session. p>
After 3 consecutive weeks of losses, Brent achieved a 23% increase, while West Texas Intermediate added about 17%.
The Organization of Petroleum Exporting Countries, Russia and other producers, in what is known as the OPEC + group, started to reduce production by 9.7 million barrels per day as of May 1.
A Reuters survey showed yesterday, that before the new production cut, OPEC strongly raised production to the highest level since March 2019, which strengthens the surplus supply in the market. < / p>
Prices also received support from data from the US Energy Information Administration that showed that crude stocks increased 9 million barrels last week to 527.6 million barrels, less than analysts' expectations An increase of 10.6 million barrels.
