A jump in oil prices ... with the decline in crude production

Oil prices rose, on Friday, as US crude futures ended in May with record monthly gains, supported by hopes that the US-China trade agreement would stay the same and crude production fell.

A jump in oil prices ... with the decline in crude production
06 July 2020 - 13:19

West Texas Intermediate crude contracts for July delivery were settled at $ 35.49 a barrel, jumping $ 1.78, or 5.3 percent.

Brent crude for July delivery closed at $ 35.33 a barrel, up 4 cents, but more active August contracts ended the session at $ 37.84 a barrel, up to $ 1.81, or nearly 5 percent.

Both crises saw significant monthly increases due to falling global production and expectations of demand growth, as parts of the United States, including New York City, and other countries are moving toward resuming activities after public isolation measures linked to the Coronavirus.
US President Donald Trump said his administration would begin to cancel Hong Kong's special treatment in response to China's plans to impose new security legislation in the region, but he did not say that the first stage of the trade agreement between Washington and Beijing was at risk.

In the context, the number of US oil and gas rigs fell by 17 to a record low of 301 this week, according to data from Baker Hughes Energy Services dating back to 1940.
 

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