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Price of Brent crude oil rises on London's ICE trading above $42 per barrel

19 June 2020 13:03

LONDON. KAZINFORM - The price of futures contracts of Brent crude oil for August 2020 delivery went up by 1.3% on London's ICE on Friday reaching the figure of $42.05 per barrel.

Russian market indexes ended the trading session on Thursday in the red on the back of the continuing uncertainty in respect of the economic recovery after the pandemic.

The ruble-denominated MOEX Russia Index fell by 0.58% to 2,724.33 points by the close of business on the Moscow Exchange. The dollar-denominated RTS Index lost 0.58% and dropped to 1,230.71 points.

Brent futures for August 2020 settlement rose by 2% to $41.35 a barrel on the London-based ICE on Thursday and Bogdan Zvarich from PSB said that «the situation on the energy resources market restrained the decline of our stocks.»

The reasons for the markets’ uncertainty are in concerns regarding the second possible wave of the COVID-19 pandemic and in alarming statistics, Alexander Bakhtin from BCS Premier commented.

COVID-19

In late December 2019, Chinese officials notified the World Health Organization (WHO) about the outbreak of a previously unknown pneumonia in the city of Wuhan, in central China. Since then, cases of the novel coronavirus - named COVID-19 by the WHO - have been reported in every corner of the globe, including Russia.

On March 11, 2020, the WHO declared the coronavirus outbreak a pandemic. According to the latest statistics, over 8,578,300 people have been infected worldwide and more than 456,200 deaths have been reported. In addition, so far, over 4,530,200 individuals have recovered from the illness across the globe.

Source: TASS


Keywords: Energy, Oil & Gas,
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