Oil rises in price

Global oil prices rose moderately on May 20 morning after collapsing on May 19, according to trading data, Report informs referring to Prime agency.

As of 9:25 a.m. (GMT+4), the price of July futures for North Sea Brent oil blend grew 0.23 percent to $66.81, July futures for WTI oil rose 0.36 percent to $63.58 per barrel, June futures for WTI oil - by 0.58 percent to $63.73 per barrel.

On May 19, oil prices fell on news of progress in talks on an Iranian nuclear deal and an increase in US inventories. The WTI brand fell in price by more than 5 percent in the evening after the release of data from the US Department of Energy, according to which commercial oil reserves in the country over the previous week increased by 0.3 percent, or 1.3 million barrels - to 486 million barrels.

Fears over the coronavirus situation in some Asian countries are holding back prices on May 20. Investors also continue to assess the prospects for increasing oil supplies from Iran if negotiations with the US prove successful.

At the same time, ING Group experts are quite optimistic about the medium-term prospects of the oil market. In their opinion, in the second half of this year, the price of Brent will average $70 per barrel.