Oil surges after sharp decline

Global oil prices continue to recover after a sharp decline on Monday, with their growth rate already above 3%. Brent has gone up by more than 4%, Report informs, citing the results of trading.

As of 06:13 am Baku time, the cost of May futures for Brent rose by 4.03%, to $38.72/barrel. The price of April futures for WTI oil increased by 3.26%, settling at $35.48 per barrel.

Oil prices plunged more than 30% following the collapse of the OPEC+ deal. Brent oil reached the maximum from January 2016, and WTI - from February 2016. Prices started to recover on Tuesday with quotations rising more than 10% during trading.