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.
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.
The price of Brent, a crude oil variety found in northern Europe, is often used as a benchmark for the price of oil around the world.
Oil prices began dropping significantly in January as a result of the coronavirus outbreak. In March, a price war between Russia and Saudi Arabia that resulted from a failure to agree on production cuts further brought down prices.
