Search ForexCrunch
  • WTI crude oil reaches prices past $20 after Baker Hughes data.
  • US drillers cut active oil rigs for the seventh consecutive week.
  • Oil prices appreciate as OPEC+ begins record output cuts.

WTI Crude oil prices have appreciated nearly $1 to test two-week highs right above $20 following Baker Hughes data. According to the report, US oil drillers have cutback rigs for the seventh consecutive week, with the total active US rig count falling to 408 from 465 last week.

The June WTI crude has welcomed the report advancing from $19.39 to $20.34, although it has been unable to remain above the $20 level and has retreated shortly afterwards to $19.60 area.

Oil prices pick up as OPEC+ begins output cuts

Crude prices have celebrated the agreement of the OPEC countries and their allies to start cutting production by 9.7 million barrels per day, starting on May 1. This action is aimed to push prices higher after the collapse of demand caused by the coronavirus crisis.

WTI oil prices have advanced more than 3% on Friday, and are on track to a 14% rally this week, following three consective weeks of decline. Likewise, Brent oil prices have risen more than 20% this week, reaching $26 per barrel.