Brent crude price bounces over $28 per barrel

MOSCOW. KAZINFORM The Brent crude oil futures price to supply in July 2020 has increased by 3.64% during the trading at the ICE exchange in London on Tuesday to reach $28.19 per barrel, the trading data available at 03:05 Moscow time shows.

The WTI futures, meanwhile, is trading around $27.87 per barrel (+2.46%), TASS reports.

Brent hit the $28 mark last time on April 17.

On May 1, OPEC+ agreement came into force, envisioning OPEC countries cutting down oil production by 9.7 million barrels per day in May-June, while Russia and Saudi Arabia will reduce production by the equal shares of 2.5 million barrels per day from the base level of 11 million barrels per day. The agreements will stay in force for two years, but the production will vary. The agreement parameters can be reviewed in December 2021.