Recently, the price for oil gained 36.15% and shortly traded above $27 mark.
Financial experts initially attributed this growth to the US President Donald Trump's announced hopes that Saudi Arabia and Russia could reach a deal to end their oil price war. Afterwards, at mid-day on Thursday, Saudi Arabia announced the need for an urgent meeting of oil producers that would be aimed at increasing oil prices. The announcement confirmed Trump's hints of an upcoming agreement.
However, note that the price for oil started to go up on Wednesday, April 1, before Trump's statement.
At the meantime, note that the commodity price has been volatile since the end of March when it reached the 20.00 level.