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Brent crude oil price exceeds $38 per barrel on London's ICE

Meanwhile, the price of futures contracts of WTI crude oil gained 10.6% to $34.44 per barrel

© Egor Aleev/TASS

MOSCOW, March 10. /TASS/. The price of futures contracts of Brent crude oil for May 2020 delivery has accelerated growth to 10.8% trading at $38.08 per barrel on London's ICE on Tuesday, according to the trading data as of 2:34 pm Moscow time.

The Brent crude oil has already bounced back over $3.5 since the previous closure during the trading session on March 10.

Meanwhile, the price of futures contracts of WTI crude oil gained 10.6% to $34.44 per barrel.

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As of 3:03 pm, the price of Brent crude oil accelerated growth as futures were trading at $38.22 (up 11.2%) per barrel, while the WTI rose to $34.6 (up 11.2%) per barrel.

On Monday, the price of futures contracts of Brent crude oil for May 2020 delivery plunged by over 30% on London's ICE, with the lowest level reached being $31.02 per barrel. On Tuesday, the price of Brent futures contracts has narrowed losses. The oil price fell amid the news that OPEC+ countries failed to agree on an additional reduction in oil production amid sliding demand due to the coronavirus in Vienna. OPEC proposed to deepen production cuts by another 1.5 mln barrels per day until the end of this year. However, Russia and Kazakhstan opposed the proposal.

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