Brent is trading at $55.44 per barrel

Prices for benchmark crude oil declined during trading on Monday amid strengthening the US dollar, Interfax reports.

"The US dollar has been rising for the third day in a row on Friday, and is growing this morning, which leads to lower prices in the commodity sector," Vanda Insights head Vandana Hari said, S&P Global Platts reports.

The cost of March futures for Brent on the London ICE Futures exchange on Monday amounted to $55.44 per barrel, which is $0.55 (0.98%) below the price at the close of the previous session. As a result of trading on Friday, these contracts rose by $1.61 (3%) up to $55.99 per barrel.

The price of February futures for WTI at electronic trading on the New York Mercantile Exchange (NYMEX) is $51.9 per barrel, which is $0.34 (0.65%) below the previous trading level. On Friday, futures rose in price by $1.41 (2.8%) to $52.24 per barrel.

Despite the decline in oil prices, investors are awaiting new stimulus measures from US President-elect Joe Biden's administration.

Meanwhile, the epidemiological situation in Europe and the United States and the recent outbreaks of the coronavirus in Asia do not appear to be of major concern to the market.

At the end of the past week, oil prices went up by about 8%. The optimism of traders was supported by news of a voluntary additional cut in Saudi Arabia production in February-March.

Earlier it was reported that the OPEC+ countries agreed on new volumes of oil production.

Tags: oil, USA, coronavirus, OPEC+, price, agreement, economy, oil market, COVID‑19 vaccine

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