World Oil Prices Reached the Highest Level in the Last 10 Weeks

World crude oil prices closed higher again in the trading session on Wednesday (5/20/2020) local time.

Finance and Markets
Illustration - World crude oil prices closed higher again in the trading session on Wednesday (5/20/2020) local time.

World crude oil prices have strengthened to the highest level in the last 10 weeks.

Quoted from MarketWatch, Thursday (5/21/2020), the price of West Texas Intermediate (WTI) crude oil for July 2020 delivery rose 1.53 US dollars or 4.8 percent to 33.49 US dollars per barrel. 

The same thing happened to the global benchmark crude oil price, Brent delivery in July rose 1.1 US dollars or the equivalent of 3.2 percent to as low as 35.75 US dollars per barrel.

This strengthening was driven by the loss of market concerns over the full capacity of world crude oil storage.

The reason, the United States Energy Information Administration reported, oil supplies at refineries decreased to 5 million barrels during the week ending May 15, 2020.

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This realization broke various market projections, which said oil supplies at the refineries would actually increase by 2.4 to 4.8 million barrels. 

In addition, production cuts have also succeeded in boosting crude oil prices on the global market.

The steps of the Organization of the Petroleum Exporting Countries with partners (OPEC +) to cut production by 9.7 million barrels per day since May 1, 2020, are considered successful in boosting oil prices amid weakening demand due to lockdowns by various countries.

Then, the US also reportedly experienced a production decline of up to 100,000 barrels to 11.5 million barrels per day last week. (*) 

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Penulis: Lia Sisvita Dinatri
Editor: Lia Sisvita Dinatri
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