Oil prices contrasted with hope for improvement despite Corona

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Crude oil prices varied in Tuesday’s trading amid hopes of an improvement in demand for crude, but the pressures of the Coronavirus outbreak in many major markets are curbing a greater rise in prices.

In early trading today, oil prices rose due to demand hopes, before retreating later, according to the Indian Ministry of Health announcement.

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As it announced the registration of 357 thousand cases of the virus during the past 24 hours, and before prices rose again due to positive data for Saudi Aramco.

By 07:56 GMT, global benchmark Brent crude futures for July delivery rose 0.34 percent, or 23 cents, to $ 67.78 a barrel.

Also, US West Texas Intermediate crude futures for June delivery rose 0.31 percent, or 20 cents, to $ 64.69 a barrel.

The profits of “Saudi Aramco”, the largest oil company in the world, increased by 30 percent during the first quarter of this year to 81.4 billion riyals ($ 21.7 billion).

The company’s positive financial results also reflect the rise in crude oil prices during the last first quarter on an annual basis, and improved profit margins for the refining, processing and marketing sector.