After going downward, the crude oil prices has been returned to upward rally in the international market. As per the market experts the the US president Donald Trump’s announcement that he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.
Brent crude rose 7.7%, or $1.90, to $26.64 , while US West Texas Intermediate (WTI) crude was up 6.6% or $1.35 94 cents, at $21.66.
Experts predicted that global oil demand will decline around 4.5 million bpd this year. Research firm Rystad Energy estimates global crude oil demand in April will fall nearly 23% year-on-year to 77.6 million bpd.