Oil price rebound continues

SINGAPORE, April 22, 2016 – Crude oil prices reached a five-month high on Friday, continuing to post gains throughout most of the day before settling at USD 44.53 per barrel. WTI crude oil prices ended at USD 43.18 per barrel.


Friday’s trading saw Brent crude smash the USD 45-per-barrel ceiling, hitting levels not seen since November 2015. At one point, Brent traded at USD 45.18 per barrel, before cooling off to USD 44.68 by mid-day.

Commenting on oil prices amidst the rally, Russian Deputy Minister of Economic Development Alexey Vedev said his country would be assuming prices in the range of USD 40 to USD 60 per barrel, calling it “the new normal situation for the next five years.”