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Newark

WTI has risen by 93% in the second quarter

WTI crude oil rose in the second quarter of the year to 93%, Brent - 59%, according to the auction.

At the end of trading Tuesday, the September futures price for North sea petroleum mix of mark Brent fell by 1.2% to 41.27 per barrel, the August futures for WTI - by 0.7% to 39.27 USD per barrel.

In March began the collapse of oil prices after March 6, OPEC countries are unable to agree about changing the parameters of the agreement on the reduction of oil production, nor of its extension. As a result, from 1 April was lifted to mine in the countries of the former Alliance.

Trading in April was marred by negative forecasts on oil demand, which, combined with the collapse of the deal, OPEC has resulted in the WTI April 20 for the first time in history became negative.

Then in may prices showed the maximum monthly growth over the entire history of observations. Then, WTI has gained more than 88%, and Brent - almost 50%. Optimism returned to markets as countries around the world gradually began to take quarantine measures and to resume production, which increased the demand for oil.

In June OPEC may extend the agreement on the reduction of oil production to 9.7 million barrels per day. Next level of reductions will drop to 7.7 million barrels per day for the period until the end of the year and 5.8 million by the end of April 2022. The optimism of investors holding back on concerns about repeated outbreaks of coronavirus, which can lead to the closure of the economies, which again will hit demand for oil.