Brent is trading above $40 again

Prices of Brent and WTI have increased by 6% since the beginning of this week, Interfax reports.

The cost of August futures for Brent oil on the London ICE Futures exchange by 8:10 am Kyiv time on Friday is $40.12 per barrel, which is $0.13 (0.33%) higher than the closing price of the previous session.

Futures for WTI oil for July in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell in price by $0.02 (0.05%) to $37.39 per barrel.

According to Kpler, which tracks the movement of raw materials, OPEC+ countries reduced oil production in May by about 8.6 million barrels per day, thus fulfilling the terms of the April agreement by 89%. For 100% completion of the deal, they need to reduce production by another 1.1 million bpd by the end of June.

According to Reuters, the ministerial meeting of OPEC and OPEC+ will be held on Saturday, June 6.

It was previously reported that Russia exceeded production under the OPEC+ deal.

Tags: contracts, oil, hydrocarbon production, EU, energy market, добыча нефти, drilling, коронавирус, RF, foreign affairs, ОПЕК+, OPEC, stocks, agreement, oil products, well, field, infrastructure, energy sector, quarantine, Brent, WTI, pandemia, Saudi Arabia, COVID-19, энергетическая безопасность, decline in production, oil companies, oil reserves, economy, market

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