The last time its cost was above this mark at the beginning of March this year. Then prices for вЂњblack goldвЂќ fell more than twice.
The price of Brent crude exceeded $48 per barrel for the first time since March 6, 2020. Oil rose 4.28% to $48.03, London-based ICE reported.
The price of WTI oil increased by 4.8%, to $45.13 per barrel.
In March, the collapse of oil prices began after the OPEC + countries failed to agree on either changing the parameters of the agreement to reduce oil production or extending it on March 6. As a result, the restrictions on the extraction of вЂњblack goldвЂќ were lifted from April.
In March alone, oil prices more than doubled.
Earlier it was reported that oil rose to a maximum in seven months.
We also add that new oil fields have been found in the UAE. Their volume, according to preliminary estimates, is 22 billion barrels per year.