Crude oil prices are rising on Tuesday morning after the global oil production agreement was signed between the petroleum exporting countries amid the ongoing lockdown. OPEC Plus has agreed to cut production of 97 lakh barrels of oil per day. The lockdown is in force in many countries of the world due to the coronavirus epidemic. Due to this, the global economy has suffered a major setback. Due to the impact of industrial activities, a sharp decrease in oil consumption was recorded. To stop the fall in oil prices and eliminate the price war, the oil-producing countries have decided to cut production.
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Due to the havoc of Corona, the concerns of oil-producing countries do not seem to be reducing. Saudi Arabian oil giant Aramco has announced oil prices for the month of May after the agreement to cut global oil production on Sunday. Aramco has given heavy discounts for the customers of Asia for the second consecutive month. According to Oil Price.com, Aramco had been postponing the announcement of its official oil selling price (OSPs) for the month of May, a day after the global production cut agreement was announced. The price of oil prices has once again come under threat due to reducing prices by Aramark.
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If we talk about the futures prices of crude oil, then on Tuesday morning, the futures price of crude oil WTI was trending at 1.22 percent or $ 0.25, at $ 22.68 a barrel. Apart from this, the futures price of Brent Oil was trending at $ 32.25 a barrel on Tuesday morning with a gain of 1.67 percent or $ 0.53.
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