The prices for Brent crude and WTI have increased after the hard-fought OPEC+ deal took effect on Friday. The oil market had seen a dramatic crash last month due to global glut and fears of a lack of storage capacity.
The price for Brent crude oil (ICE) has grown by 1.77 percent, reaching nearly $27 per barrel. The price for WTI (Nymex), meanwhile, currently stands at $19.35 per barrel, which is a 2.7 percent increase.
On April 12, the members of OPEC and other oil-producing countries, including Russia and Mexico, agreed to cut production by 9.7 million barrels per day for May and June, marking the biggest oil production cut in history.