Brent and WTI crudes have reported modest gains, recovering somewhat from losses they suffered earlier this week, according to trading data.
The futures contract for Brent went up by 9.1% reaching $22.25 per barrel, while WTI traded at $15.7 per barrel, reporting a 14.5% increase, as of 8 a.m. Moscow time.
On Monday the price of WTI oil that is due to be supplied in May turned negative for the first time in history due to reduced demand and overcapacity amid continued global anti-coronavirus measures.
The drop came as OPEC+ members along with several other oil-exporting countries agreed on 12 April to reduce global crude output between 2020 and 2022 after oil prices plummeted to a nearly two-decade low.
The oil market has been in turmoil against the backdrop of the ongoing coronavirus pandemic that has so far infected 2,510,177 people globally and left some 172,241 dead, according to World Health Organisation data published at 11:00 a.m. CEST.