International oil prices jumped yesterday, to their highest level in more than two months in conjunction with good signs regarding the positive results of a possible vaccine against the emerging coronavirus (Covid 19).

Oil prices have also improved significantly due to optimism about the resumption of economic activity and signs that the producers are implementing an agreement to reduce production from crude.


Brent crude contracts for July delivery ended yesterday's session higher by $ 2.31 or 7.1%, to settle at the settlement of $ 34.81 a barrel.

US West Texas Intermediate crude delivery contracts for June delivery rose $ 2.39, or 8.1%, to reach at settlement $ 31.82 a barrel.

This is the highest level when the settlement of both benchmarks, since March 11, 2020, which a few days later prices started to collapse in the wake of the failure of an agreement to reduce production between the Organization of Petroleum Exporting Countries (OPEC) and producers led by Russia form a group known as (OPEC +).

The two benchmarks increased their gains in subsequent trading on the settlement, with Brent contracts rising more than 9% to $ 35.48 a barrel, while US crude contracts jumped more than 11% to 32.74 Dollars a barrel.