NEW DELHI : With the world slowly opening up for business, oil prices are up again after Black April, when the demand had almost vanished with most of the world under coronavirus lockdowns.
The international benchmark Brent crude oil was trading at $39.95 per barrel on Wednesday (at the time of filing this story).
The West Texas Intermediate (WTI) prices has also been up and was trading at $36.63 per barrel. This comes in the backdrop of Brent crude hitting a 21-year low, and US oil futures slumping into negative for the first time in history.
The glut in oil overwhelmed the world’s limited storage facilities, triggering a wave of selling by oil traders in April. The prices have been up supported by gradual recovery in fuel demand as