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Oil Prices Soar and Hit Highest Level Since March

Written by Flavia Marinho

Published on 18/05/2020 at 16:39

Updated on 18/05/2020 at 16:47

Preços do petróleo saltaram e atingem o maior nível desde março

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Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Oil prices are rising sharply this Monday as drilling activity in the U.S. drops and production cuts take place in other countries. Petrobras Starts Testing In The Forno Area, In The Pre-Salt Campos Basin

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Supported by a strengthening demand for fuel as countries around the world ease restrictions imposed to curb the spread of the coronavirus, oil prices jumped 7 percent on Friday (15) and reached the highest level since March.

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U.S. oil (WTI) gained 19.7 percent last week, while Brent crude rose 5.2 percent during the same period, buoyed by bullish news.

As of 8:32 AM today (18), Brent crude was up $2.1, or 6.46 percent, at $34.6 a barrel. U.S. oil was up $2.8, or 9.51 percent, at $32.23 a barrel.

Both contracts recorded their third consecutive week of gains.

Production cuts are contributing to the market rebalancing. IEA estimates that in May, with the OPEC+ agreement and the effects in markets outside the group, oil supply will drop to 88 million barrels per day, down 12 million barrels per day compared to 2019, and the lowest production in nine years.

Anelise Lara, Petrobras’ Director of Gas and Refining, said last Friday (15) that fuel consumption improved in May.

According to her, diesel demand fell by as much as 50 percent in April, and is currently down 30 percent compared to the pre-crisis period; gasoline consumption dropped by up to 65 percent but is recovering to 40%-45%.

Oil Prices Soar and Hit Highest Level Since March

Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Also Read

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

Brazil already has the largest electric buses in daily operation in the world: Goiânia has put 28-meter giants from Volvo on the streets to transform urban transport, placing the country at the center of a new showcase for urban mobility.

NASA announces the first interplanetary nuclear spacecraft in history destined for Mars and technology created to usher in a new era in deep space exploration: meet the SR-1 Freedom, equipped with a fission reactor and three helicopters inspired by Ingenuity to map Martian ice.

With 93 companies selling armored vehicles, aircraft, and monitoring systems to 148 countries, Brazil’s defense industry is doubling exports and is on track to break all records in 2026.

Brazil and Sweden finalize a military agreement to jointly train pilots, share experiences with the Gripen fighter, and allow Swedish crews of the KC-390 to train on Brazilian soil over the next two years.

Scientists warn that Earth’s oxygen has an expiration date and that the Sun itself will be responsible for ending the air we breathe by making photosynthesis impossible in about one billion years.

Oil Prices Soar and Hit Highest Level Since March

Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Also Read

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

More than R$ 526 million generated in oil in 2025 was not enough to place Espírito Santo in the lead of innovation — and the data shows exactly where the bottleneck is.

With salaries of up to R$ 30,000 and 2,500 open positions, a shipyard in Aracruz (ES) is at the center of a billion-dollar project by Petrobras that involves platforms capable of producing 225,000 barrels per day.

Impacts of tensions in the Middle East: how the rise in oil prices is transforming infrastructure contracts in Brazil, raising prices, delaying schedules, and exposing billion-dollar fragility in the sector.

Impacts of tensions in the Middle East: how the rise in oil prices is transforming infrastructure contracts in Brazil, raising prices, delaying schedules, and exposing billion-dollar fragility in the sector.

Government orchestrates strategy to revive the state-owned BR Distribuidora and contain the brutal surge in oil prices that has reached the mark of $100.

Brazil already has the largest electric buses in daily operation in the world: Goiânia has put 28-meter giants from Volvo on the streets to transform urban transport, placing the country at the center of a new showcase for urban mobility.

NASA announces the first interplanetary nuclear spacecraft in history destined for Mars and technology created to usher in a new era in deep space exploration: meet the SR-1 Freedom, equipped with a fission reactor and three helicopters inspired by Ingenuity to map Martian ice.

With 93 companies selling armored vehicles, aircraft, and monitoring systems to 148 countries, Brazil’s defense industry is doubling exports and is on track to break all records in 2026.

Brazil and Sweden finalize a military agreement to jointly train pilots, share experiences with the Gripen fighter, and allow Swedish crews of the KC-390 to train on Brazilian soil over the next two years.

Scientists warn that Earth’s oxygen has an expiration date and that the Sun itself will be responsible for ending the air we breathe by making photosynthesis impossible in about one billion years.