The price of a barrel of Brent crude oil has climbed by more than nine percent to $22.25 (ICE) on Thursday, showing signs of a slow recovery after crashing to historic levels amid a global oil glut.
Brent crude prices had fallen by more than 50 percent over the last week, reaching its lowest level since June 1999. The dramatic drop was due to concerns that crude storage tanks are running out of space.
West Texas Intermediate (WTI) had similarly plunged to a negative price for the first time in its history on Monday. The price has since recovered as well, growing to $15 per barrel (Nymex).
The global oil markets have been experiencing a glut due to a steep drop in demand amid the Covid-19 pandemic.
