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Crude oil price surges in global market

In the international market, the price of crude oil has surged. The crude oil price went up over the expectation of the meeting of OPEC. it is hoped that OPEC+, would discuss a massive cut that could reach 10 million barrels per day at its virtual meeting on Thursday.

The international crude oil market had faced unprecedented moment of uncertainty after the coronavirus outbreak. The Covid-19 pandemic has lead to a demand loss. Brent dropped to $21.65, its lowest since 2002, on March 30. Russia has earlier indicated that it’s ready to cut production by 1.6 million barrels per day.

WTI crude gained 5.7% to US dollar 26.53 while Brent rose 3% to US dollar 33.84.

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