Prices for benchmark oil began to rise during trading on signals that OPEC+ may postpone lifting some of the restrictions on oil production planned for the beginning of the year, Interfax reports.
The cost of January futures for Brent oil on the London stock exchange ICE Futures by 1:28 p.m. on Tuesday amounted to $40.18 per barrel, $1.19 (3.05%) higher than the price at the close of the previous session.
The price of December futures for WTI on the New York Mercantile Exchange (NYMEX) by this time amounted to $38.02 per barrel, which is $1.21 (3.29%) higher than the level of the previous session.
On Tuesday morning, oil quotations slightly decreased after the jump the day before.
On November 2, the head of the Ministry of Energy of the Russian Federation discussed the possible fate of a deal to limit OPEC + oil production after December this year with top managers of Russian oil companies. According to one of Interfax's sources, the basic option, which is supported by Russian companies, was to maintain the current terms of the deal, suggesting that from January 2021, OPEC+ will increase production by 2 million bpd. However, some of Russia's OPEC+ partners are even proposing to step up the decline in oil production in the first quarter of next year.