International oil prices rose sharply on the 5th, hitting a four-month high of/kloc-0. As of the close of the day, the futures price of light crude oil for April delivery in the New York Mercantile Exchange closed at $66.09 per barrel, an increase of 3.54%; London Brent crude oil futures for May delivery closed at $69.36 a barrel, up 3.93%.
Earlier, the Organization of Petroleum Exporting Countries, the Organization of Petroleum Exporting Countries, Russia and other non-OPEC oil producers announced that they agreed to extend most of the production reduction policies until April. Coupled with favorable employment data in the United States, the prospect of fuel demand has improved, and international oil prices have soared.
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Looking back on the past year, the international oil price immediately entered the downward mode after hitting the stage high point.
In March 2020, as the epidemic spread around the world, the demand for crude oil dropped sharply, and international oil prices began to plummet.
On April 20th, 2020, the price of light crude oil for May delivery in the New York Mercantile Exchange collapsed, dropping by $55.90 to-$37.63/barrel, a decrease of 305.97%. This is the first time that oil futures have fallen into negative numbers since the New York Mercantile Exchange 1983 started trading.
After experiencing a historic bottom, the international oil price has started a rebound mode again, and by the end of 2020, it has returned to the level at the end of February of the same year. In 20021year, with the emergence of the inflection point of the global epidemic, the world economy was gradually restarted, and the international oil price rose again.