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The price of oil has risen to 80 dollars, after a historic drop

The price of oil has risen to 80 dollars, after a historic drop


Although such a rise might not usually be noticeable, at this time it's considered an enormous jump of $ 80 a barrel after the worth of 1 barrel has fallen below zero to succeed in its lowest level at negative $ 40 a barrel on April 20

Brent crude, the planet index, has quite doubled since mid-April
This rise within the remarkable oil markets is thanks to the hopes of a recovery within the global economy after it had been severely suffering from the Coronavirus pandemic, which limited the demand for gasoline, aviation, and diesel oil 
The return of oil prices also reflects the impact of record cuts in production by OPEC, Russia and its allies, also as a pointy drop by production by the us 
Despite the high prices, there are increasing fears of high oil, which is taken into account good to be difficult to believe, because the abundance of unnecessary barrels has not decreased, and therefore the largest oil companies believe that the demand for oil won't return to pre-epidemic levels any time soon, also because the possibility Face the danger of a second wave of coronavirus infections within the coming months
Bob McNally, president of (Rapidan Energy Group Consulting), said that the market may have advanced a touch on itself, but the risks have deviated sharply to the downside
Oil traders are betting that the huge surplus of barrels that caused negative prices on April 20 will disappear quickly, but analysts note that this delicate rebalancing will take an extended time, not one knockout


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