REUTERS
World oil prices are now showing a positive upward trend after seeing sharp falls last Thursday, Russian information agency Prime has reported.
Oil prices sagged as talks in Switzerland between Tehran and the group of six international mediators on Iran's nuclear program wound up with news of agreement.
May futures of North Sea Blend were up by 1.36%, to $55.71 per barrel. May futures for WTI crude oil rose by 2.04%, to $50.14 per barrel. Markets were closed on Friday on the eve of Catholic Easter, and oil prices were not able to rebound after the decline.
The price of oil fell sharply on Thursday after announcement of a breakthrough in negotiations between six international mediators with Iran. The parties agreed that Iran would suspend two-thirds of its uranium enrichment activities for the next ten years. The EU and United States sanctions against Iran will be lifted in exchange for the nation's compliance with the reached agreements.
Oil prices strengthened amid news that Saudi Arabia has raised prices for all May oil supplies to Asia, noting an improvement in demand for crude.