Oil prices increase by 5% on the average

Oil prices are going up amid some countries’ decision to cut output

On 24 April 2020, Brent Crude Oil futures price grew by 4.5% to $22.29 per barrel, Light (WTI) for June delivery grew by 5.33% to $17.41 per barrel. 

On 12 April 2020, OPEC+ approved new oil output cut by 9.7 million bpd in May-June, 7.7 million bpd in the second half and 5.8 million bpd by May 2022.