Russian crude blend Urals in Europe rose by $1.5 above $30 per barrel late last week for the first time since mid-March, the Argus agency, which tracks regional prices, reported on Monday
MOSCOW (Pakistan Point News / Sputnik - 18th May, 2020) Russian crude blend Urals in Europe rose by $1.5 above $30 per barrel late last week for the first time since mid-March, the Argus agency, which tracks regional prices, reported on Monday.
"The cost of Urals in Europe late last week exceeded $30 per barrel for the first time since mid-March. Global oil prices are rising due to entry of the new OPEC+ agreement into force, as well as an additional reduction in production by middle Eastern suppliers. Demand for oil and oil products begins to recover due to easing of quarantine measures in many countries," the agency said.
In Northwest Europe, Urals was trading at $30.44 per barrel on Friday, while in the Mediterranean, it was at $31.84 per barrel, it said.
