On Friday, oil prices are going down, but end with growth for the fourth month in a row, Interfax reports.
The limitation of production by Saudi Arabia and other OPEC + countries reduced the supply of oil on the world market and made it possible to somewhat reduce reserves, while the oil demand is recovering as the world economy emerges from the crisis. The cost of Brent in February increased by 19%, WTI – by 21%.
“The rapid increase in demand over the next six months could push oil prices up to $70-80 per barrel,” said Viktor Shum, vice president of IHS Markit in Singapore.
The cost of April futures for Brent oil on the London stock exchange ICE Futures by 7:25 am Kyiv time on Friday amounted to $ 66.25 per barrel, which is $ 0.63 (0.94%) below the price at the close of the previous session. As a result of trading on February 25, these contracts fell by $ 0.16 (0.2%) - to $ 66.88 per barrel.
The price of futures for WTI crude oil for April in electronic trading on the New York Mercantile Exchange (NYMEX) by that time amounted to $ 62.81 per barrel, which is $ 0.72 (1.13%) below the level at the close of the market on Thursday. The day before, these contracts rose in price by $0.31 (0.5%) to $63.53 per barrel, the maximum since May 1, 2019.
The market is focused on next week's OPEC + meeting, and traders are awaiting signals from it about a possible change in strategy. Earlier this week, Reuters reported that OPEC+ may discuss an increase in production by 500,000 barrels per day during its March meeting.