US oil climbing back up
.US oil prices came back to growth on April 21 after going under US$0 for the first time in history. Yet global Brent still went down.
WTI crude futures for May delivery have gained US$38.99 and reached US$1.36 at 0622 after a disastrous fall in prices on April 20. May contracts are set to expire on April 22. June contracts went up by 94 cents - that is 4.6% - and reached US$21.37.
Brent crude for June lost 48 cents - that is 1.9% - reaching US$25.09.
OANDA’s analyst Edward Moya stated, that the pandemic’s impact will most likely slow down the planned reopening of the US economy. The fact that WTI June contracts managed to hold down a US$20 barrel.
At the moment the most important storage facility in the US, situated in Cushing, used for the WTI supply, is expected to reach full capacity soon.