Oil price recovers after 30% fall, rises to highest in 3 months

Oil price recovers after 30% fall, rises to highest in 3 months

- Oil prices have risen past $40 for the first time in 3 months

- This was after it fell by over 30% which was considered as the worst fall since the Second Gulf War

- At the moment, there are ongoing discussions about the possibility of extension of production cuts

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Briefly.co.za has learned that the price of oil has increased beyond $40 - which is about R676 - for the first time in three months.

This comes after it fell by over 30% and was considered as the worst drop since the Second Gulf War.

Information available shows that Brent crude rose to $40.12 a barrel amid reports that OPEC+ members are calling for an extension of production cuts currently set to end in June 2020.

READ ALSO: Covid-19: Patients can no longer be forced into state quarantine

A leading member of the Organisation of Petroleum Exporting Countries (OPEC), Saudi Arabia, has reportedly called for a one to three months extension.

Per a report by Business Insider, this comes as a sharp contrast to a one-month only extension being called for by Russia and other OPEC+ members.

Meanwhile, Briefly.co.za previously reported the Gauteng High Court has declared the Level 3 and 4 lockdown regulations unconstitutional and invalid.

In a ruling handed down on Tuesday, the court opted to suspend the declaration of invalidity for 14 days.

Minister Nkosazana Dlamini-Zuma now has two weeks to amend the regulations or have them tossed out completely.

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Source: Briefly.co.za

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