Oil is trading at a 10-week high after the publication of data on a decrease in US stocks of crude. Also, oil quotes are growing on reduction of concerns about overflowing storages and easing restrictions associated with the coronavirus pandemic. Since the beginning of May, when the transaction on limiting production in the OPEC+ format came into force, prices rose by more than a third.
On Wednesday, May 20, when the June futures contract for WTI was expired, we expected a repeat of the April situation when the price went negative and reached almost minus $40 per barrel. However, this did not happen, which also gave a positive signal to the market.