The price of futures contracts for West Texas Intermediate (WTI) crude with delivery in July surged to over $30 per barrel in the early hours of Monday for the first time since 17 March, market data shows.
As of 01:01 am Moscow time (10.01 pm GMT 17 May), the June futures for WTI crude oil increased in price by 1.80 percent to $30.05 per barrel.
At the same time, the price of July futures for international crude oil benchmark Brent crude rose 0.12 percent to $32.89 per barrel.
The Russian Finance Ministry earlier forecasted an average oil price of about $30 per barrel in 2020, expressing hopes that the figure will be slightly higher in 2021.