Oil prices have been up globally, supported by a gradual recovery in fuel demand, as economies are now reopening With the world slowly opening up for business, oil prices are up again after April’s downward spiral, when demand almost vanished in a world under lockdown.
The international benchmark Brent crude was trading at $38.94 per barrel on Wednesday, and West Texas Intermediate (WTI) was at $36.27 per barrel at the time of going to press.
Brent crude hit a 21-year low and US oil futures slumped to negative for the first time as the glut overwhelmed the world’s limited storage facilities, triggering a wave of selling by traders in April.