Brent is trading at $68.8 per barrel

Oil quotations are rising after the collapse on Monday amid the OPEC+ deal, as well as another wave of concern over the growing incidence of COVID-19 in the world, Interfax reports.

By 8:15 a.m. Kyiv time, September Brent futures increased by $0.18 (0.26%) to the level of Monday's closing session and traded at $68.8 per barrel on the London stock exchange ICE Futures. A day earlier, Brent fell in price by $4.97 (6.8%) to $68.62 per barrel.

By this time, August WTI futures were rising in price in electronic trading of the New York Mercantile Exchange (NYMEX) by $0.1 (0.15%) to $66.52 per barrel. During the previous session, the price decreased by $5.39 (7.5%) to $66.42 per barrel. August futures expire with the market close on Tuesday.

The fall in Brent quotations on Monday became the maximum since March, WTI – since September last year, MarketWatch reports.

The rapid spread of the new strain of the Delta coronavirus has contributed to an increase in the incidence in many regions of the world – from Asia to Europe, and experts fear the introduction of new quarantine measures that could limit the oil demand.

So, the United States has already recommended its citizens not to visit the UK and Indonesia, where the incidence of COVID-19 has increased.

The OPEC+ countries last weekend decided to expedite the return to the market of oil volumes, the production of which has been cut since May 2020.

The OPEC+ deal is being extended from May 2022 to the end of 2022. Since August, the OPEC+ countries begin to increase production by 400 thousand bpd per month until the cuts are completely curtailed (currently they amount to 5.8 million bpd from the October 2018 level).

In December of this year, OPEC+ will assess the participating countries' market situation and production indicators. Ministers will continue to meet every month for the duration of the agreement and, assessing the situation, determine the volumes of production for the next month, aiming to remove the restrictions by September 2022.

Tags: oil, Asia, oil production, OPEC+, negotiations, price, petroleum products, Brent, WTI, economy, oil market, Europe

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