11:28 - 4.03.2020

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March 4, Fineko/abc.az. Prices for oil of standard grades are increasing in the course of trading on Wednesday.

The day before, the OPEC+ Technical Committee recommended extending the current deal on the oil production cut by 1.7 million b/d compared with the level of October 2018, from April to the end of the year, increasing the reduction by volume of 600,000 up to 1 million b/d in the second quarter.

Following the trading on 3 March at the London ICE Futures Exchange, the price of May’s futures for Brent oil fell by $0.04 (0.08%) to $51.86 per barrel. By 9:20 am, Brent futures for May grew by $0.67 (1.29%) up to $52.53 per barrel.

Following the trading on 3 March at the New York Mercantile Exchange (NYMEX), April’s WTI oil futures rose in price by $0.43 (0.92%) up to $47.18 per barrel. By 9:20 am, WTI futures for April grew by $0.63 (1.34%) up to $47.81 per barrel.

Azerbaijani crude oil Azeri Light rose in price by $0.86 (1.6%) up to $54.63 per barrel.

The OPEC+ Monitoring Committee’s ministers of the oil restriction agreement (JMMC) participating countries will discuss the need to respond to the situation on the oil market on Wednesday. The OPEC Ministerial Conference will be held on 5 March, and the OPEC+ ministers will meet on 6 March to approve the final decision.