Baghdad, Oil prices recorded an increase of 8% after the largest loss recorded in one day in about 30 years.
According to Reuters: Brent crude futures rose $ 2.85, or 8.3%, to $ 37.21 a barrel, while West Texas Intermediate crude futures gained $ 2.46, or 7.9%, to $ 33.59 a barrel.
The benchmarks fell 25% yesterday, Monday, to the lowest level since February 2016, and recorded the largest percentage decline in one day since January 17, 1991, when oil prices fell when the Gulf War broke out.
And the Organization of Petroleum Exporting Countries (OPEC) held talks with its allies on Friday after the organization told Russia and others that it was in favor of cutting production by an additional 1.5 million barrels per day until the end of 2020.
On Saturday, Saudi Arabia announced massive reductions in official selling prices for April.
The agency noted that the kingdom is preparing to increase its production to more than 10 million barrels per day from 9.7 million barrels, which was described as a price war after the failure of OPEC + talks.
For its part, the International Energy Agency expected that the demand for oil would reach 99.9 million barrels per day in 2020, thereby reducing its annual forecast by nearly one million barrels per day, and indicates a contraction of 90 thousand barrels per day in the first decline in demand since 2009.
Oil prices have already fallen sharply this year, as the outbreak of the Corona Virus lowered demand for crude. Potential oversupply could increase pressure on prices.
Source: National Iraqi News Agency