A jump in oil prices and Brent crude above $ 42

Economy

Brent Crude

Oil prices

05/26/2020 11:42:53

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Shafaq News / Oil prices rose on Friday after an unexpected decline in the US unemployment rate in May and OPEC’s decision to provide a date for discussions on extending the record production cuts to Saturday.

Brent crude futures rose 2.7 dollars, or 5.2 percent, to 42.07 dollars a barrel by 1505 GMT. US West Texas Intermediate crude futures rose $ 1.65, or 4.4 percent, to $ 39.02 a barrel.

The US Department of Labor announced a sudden drop in the unemployment rate to 13.3 percent last month from 14.7 percent in April.

Brent has gained 17 percent since last Friday to a three-month peak, and is in a more comfortable range for producers like Russia. The contract has more than doubled since its collapse to a low of $ 15.98 a barrel on April 22. West Texas Intermediate rose 11 percent.

The two benchmarks are on track for sixth week gains. The rise stemmed from production cuts in light of signs of improved fuel demand, as countries began easing public isolation measures imposed to prevent the spread of the emerging Corona virus.

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