Oil prices rebound sharply

The price of futures contract for Brent crude oil with May delivery on London’s ICE increased by 7.1% to $53.5 per barrel this morning.

The price of the April WTI oil futures contract rose by 7.5% and reached $48.4 per barrel, TASS reported.

On February 28, the price of Brent oil fell below $49 per barrel, to a minimum since July 2017. WTI futures price was less than $45 per barrel, this is the minimum value since January 2019.

Oil prices reacted negatively to news about the growing number of people infected with coronavirus.