Crude oil prices are witnessing a remarkable rise for the second consecutive day, and US crude and Brent crude futures are up more than 3%. To coincide with optimism about the return of global demand for crude oil and the return of business within most of the countries of the world. This is while we await the release of US oil inventory data from the Energy Information Administration later today at 2:30 pm GMT.
Also, yesterday evening, oil prices rose by more than 20% to the levels of $ 25 a barrel. Brent crude futures are also up more than 12.5% towards levels of $ 31 a barrel.
This comes as a continuation of the rise in the Asian period, as oil prices rose during the Asian trading session, amid expectations that the demand for oil will rise with the start of a number of regions in the United States and some European and Asian countries to ease the closure measures imposed to contain the spread of the emerging Corona virus.
It is worth noting that this rise follows the decline of US crude futures by more than 8% during the beginning of the week’s trading, due to negative statements against China that may contribute to the return of tensions between the United States and China, where the US Secretary of State, Mike Pompeo, said that he had been told by A reliable source accepted that there was agreement between 17 agencies to spread the emerging corona virus – Covid 19 – from a virus lab in Wuhan, and the source added to Pompeo that the spread of the virus was a mistake and an accident and was not intentional.
But with the return of demand for crude oil in light of expectations that most of the work will return again at the end of May through specific arrangements that guarantee the safety of workers,
Crude oil saw a significant increase, and during the last hours, US crude futures rose about 3.53% to the levels of $ 25.40 a barrel, as well, Brent crude futures rose 2.58% at the levels of $ 31.74.
On the other hand, the numbers of people infected with the Corona virus continue to rise, and the state of uncertainty remains dominant in the world, which limits the rise in oil prices, as the numbers worldwide reached about 3,741,271 cases and a total of 258,509 deaths. The United States leads, then Spain, followed by Italy and Britain.