Oil Prices have slumped in the past month after some weak economic data from China led markets to believe that demand is weakening in the global market.
Brent crude was down to nearly $76 a barrel in early May.
China’s economic activity shrank surprisingly in April causing the dip.
Meanwhile Opec has slashed production by more than a million barrels a day. The tightening of supply is being used to keep oil prices, and thus profits, up.
