On Friday, oil prices stabilized in the global markets at their previous levels, with the agreement to reduce production between the major international producers entering into force.
During today's trading, Brent crude and West Texas Intermediate crude prices fluctuated up and down, with a limited margin.
And Brent crude barrel for July delivery gained about 1%, and rose to nearly 27 dollars a barrel, but later lost most of its gains to settle at approximately 26 dollars.
As for West Texas crude for delivery in June, it jumped by 5% in the beginning of today's trading, but lost most of its gains to settle below twenty dollars per barrel.
The "OPEC Plus" alliance agreed with other producers to reduce production by up to ten million barrels per day during May and June, to reduce the decline in prices.
The global demand for oil has decreased significantly due to the outbreak of the Corona virus, and its size was estimated between 20 million to 25 million barrels per day, and US crude prices recently witnessed a record decline amid a price war between Saudi Arabia and Russia.
With several countries announcing easing quarantine measures, experts are optimistic about the recovery in crude prices when vital economic sectors resume their activities.
In this context, the Mercury Energy Group said that the global oil markets show initial signs of restoring balance, after OPEC and the United States reduced crude production.
And because of the collapse in oil prices, the American company Exxon Mobil announced today that it recorded losses of 610 million dollars in the first quarter of this year.
Exxon Mobil and Chevron, the American companies, announced today a wide measure to reduce their expenses, due to the decline in the oil market.
In turn, Canadian energy company Imperial Oil announced a decline in revenues and record losses during the first quarter of this year, due to the repercussions of the Corona epidemic and the collapse of crude oil prices.