Brent goes up to $63.11 in anticipation of OPEC+ decisions

Oil prices go up on Thursday after falling the day before, Interfax reports. The meeting of the ministers of the OPEC+ countries is the main issue for the market now, as they are going to discuss the May oil production quotas.

The meeting of the OPEC+ ministerial committee, held on Wednesday, ended without any recommendations. An Interfax source in one of the delegations said that the ministers would make decisions on Thursday.

Meanwhile, OPEC Secretary-General Mohamed Barkindo, speaking at the OPEC+ committee meeting on Wednesday, noted that despite positive factors, including massive COVID-19 vaccinations in the world, as well as budgetary incentives, the economic environment remains “problematic complex and uncertain”.

The cost of June oil futures for Brent on the London ICE Futures Exchange by 8:25 a.m. Kyiv time on Thursday is $63.11 per barrel, which is $0.37 (0.59%) higher than the price at the close of the previous session. As a result of trading on Wednesday, these contracts fell by $1.43 (2.2%) to $62.74 per barrel.

The price of May futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $59.53 per barrel, which is $0.37 (0.63%) higher than the level at the close of the previous session. On Wednesday, the value of these contracts fell by $1.39 (2.3%) to $59.16 per barrel.

The MarketWatch expert believes that OPEC "will remain cautious when considering the possibility of increasing production."

In March, Brent fell in price by 3.9%, WTI – by 3.8%, however, in the first quarter of 2021, contracts rose in price by 23% and 22%, respectively.

Tags: oil, coronavirus, negotiations, price, volumes, petroleum products, COVID-19, decline in production, COVID‑19 vaccine

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