Not even after news from Russia the trend has changed drastically.
Both the WTI price and the Brent oil price continued to trade above parity, but neither managed to stage noteworthy rallies.
Oil price: Russia’s new ban
To report the first rumors on the matter, which did not particularly affect the price of oil, it was in the morning Reuters, who quoted the news agency Interfax.
According to what was leaked, Russia would have decided to impose a ban, note, temporarily, on all imports of petroleum products.
At the time of writing, however, no additional details were revealed about the choice of Moscow and the rumors were neither confirmed nor denied.
Russia is today one of the largest producers of black gold in the world, and although it does not belong to OPEC, the Organization of Petroleum Exporting Countries, it participates in its enlarged meetings as an ally.
Only a few weeks ago, more precisely at the beginning of April, the country agreed with the other producers new cut of the output with the aim of limiting the collapse of the oil price, in turn caused by the thud of demand and the coronavirus.
Today, however, the first rumors have arrived on the aforementioned temporary ban on imports.
While the WTI price managed to gain nearly 1% above $ 33, the price of Brent oil continued to trade with + 0.2% above $ 35.