Globally, oil prices rose upon settlement of trading yesterday, in conjunction with gains in global stocks that were supported by hopes regarding the approval of a US financial stimulus package.
Nymex crude rose 0.9%, or 35 cents, to settle at $ 40.60 a barrel. The benchmark Brent crude rose 1.1%, or 46 cents, to settle at $ 42.87 a barrel.
The matter that threatens the continued rise of crude is mainly represented by the increase in cases of the new Coronavirus (Covid 19), which reinforces fears about a recovery in demand for crude, which may reduce the gains in black gold.
Russian Energy Minister Alexander Novak said that the global oil market has stabilized in the past few months, but he warned of the risks of a second wave of infections with the Corona virus.
Despite efforts by OPEC and its allies to restrict production, more crude is being exported from OPEC members Iran and Libya.
On the other hand, the violent clashes taking place between the two neighbors, Armenia and Azerbaijan, which erupted early this week, may increase concerns about stability in the South Caucasus, which is a corridor for pipelines that transport oil and gas to global markets.
(Edited by Mohamed Farouk)
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