The price of futures contracts of Brent crude oil for June 2020 delivery gained 12.91% on London's ICE on Thursday to $23 per barrel, according to the trading data as of 8:19 am Moscow time.
As of 8:30 am, the price of Brent crude oil was trading at $23.22 per barrel, a 13.94% increase compared with the previous closure.
The price of futures contracts of WTI crude oil was up by 14.88% at $15.83 per barrel as of 8:31 am.
Oil prices are rising after a sharp drop on Wednesday when the price of Brent crude oil for June 2020 delivery plunged to the lowest level since June 1999, TASS recalls.
Oil prices rally off multi-year lows
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