Oil Prices Recover With Renew Hopes For A Return To Balance Between Supply And Demand

Baghdad / NINA /- Oil prices rose slightly with renewed hopes for a return to balance between supply and demand in the market suffering from oversupply and a decline in demand due to the Coronavirus pandemic. The prices of US light crude rose by about 20% to record 3 consecutive weekly increases at levels of $ 30 a barrel, the highest level for crude since mid-March. Oil prices gained momentum from some countries towards easing restrictions on air traffic imposed by the authorities to curb the spread of the pandemic, which raised hopes about recovering demand for jet fuel, one of the main engines of the global oil markets. And benchmark Brent crude had a share of the gains last week, but at a lower pace than his US counterpart, with crude prices rising about 5% around $ 32.5 a barrel./ End