Global oil prices at highest since March following OPEC cuts

Oil prices have fallen significantly this year as a result of the coronavirus and the Saudi-Russia price war, but Brent crude has now risen past $36.
Fuel prices are displayed at petrol station of French oil giant Total in Bordeaux, France, September 17, 2019. Picture taken September 17, 2019. REUTERS/Regis Duvignau - RC1E43667350
Fuel prices are displayed at a Total gas station in Bordeaux, France, Sept. 17, 2019. - REUTERS/Regis Duvignau
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

An indicator of global oil prices reached its highest point since March today, indicating a possible recovery for the market after the Saudi-Russian price war and losses caused by the COVID-19 pandemic.

News organizations reported that the price of Brent crude oil rose to $36.06 a barrel today, its highest price since March 10, the day before the pandemic was declared. Brent crude fell to a 21-year low of under $16 a barrel in April.

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