In the international market, the price of crude oil has bounced back on Tuesday. The main reason for the gaining of crude oil prices according to experts is the positive trend in US market. On Tuesday, the U.S. crude turning positive after trading below $0 for the first time ever.,
The June contract jumped US dollar 1.72 cents, or 8.4%, to US dollar 22.15 a barrel. Global benchmark Brent crude for June delivery was up 49 cents, or 1.9%, at US dollar 26.06 per barrel.
Oil prices have slipped down as travel restrictions and lockdowns to contain the spread of the coronavirus curbed global fuel use. The demand of oil has declined by 30%.
Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, have agreed to cut output by 9.7 million barrels per day (bpd).