Angola: Brent Oil Barrel Recovers 0.83 Percent

Angola: Brent Oil Barrel Recovers 0.83 Percent

The price of a barrel of Brent oil recovered 0.83% this Tuesday, after falling 5.64% on “black Monday” due to the price war started by Saudi Arabia. The barrel of Brent oil, for delivery in May, opened Tuesday at a high, quoting at $30.88 at London’s Intercontinental Exchange Futures (ICE), 0.83% more than at the end of Monday’s session.

North Sea oil, a benchmark for Angolan exports, has suffered sharp declines in recent weeks due to investors’ fear of a sharp decline in demand resulting from restrictions on movements, flights and productive and business activities as a result of the Covid-19 and the price war launched by Saudi Arabia.

Last week, black gold prices sank following the Saudi decision, the world’s largest oil producer, to lower the price of its exports, and the Covid-19 pandemic.

Source: ANGOP

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