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First Time Oil Prices Are Above $30 Since the Pandemic Struck

Source: Pete Evans, cbc.ca, May 19, 2020

Saudia Arabia has said that it would slash its oil production by another million barrels a day starting next month.

The price of a barrel of the North American crude oil benchmark topped $30 for the first time since the middle of March on tentative signs that people are starting to drive again amid the COVID-19 pandemic.

The June contract for West Texas Intermediate was up by $2.65 US to $32.05 a barrel on Monday. That’s the highest level for WTI since March 13, before lockdowns to counter the coronavirus put energy demand into a deep freeze.

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