Oil prices change in different directions, Brent rose up to $28.22 a barrel


April 17, Fineko/abc.az. Oil prices are changing in different directions in Friday’s trading.

By 9:20 am, at the London ICE Futures Exchange the price for Brent oil futures for June increased by $0.40 (1.44%) up to $28.22 per barrel.

Following the trading on 16 April at the ICE Futures Exchange June’s Brent crude futures rose in price by $0.13 (0.47%) up to $27.82 per barrel.

By 9:20 am, at the New York Mercantile Exchange (NYMEX) the WTI futures for May fell by $0.29 (1.46%) to $19.58 per barrel.

At the end of trading on 16 April at the NYMEX Exchange the price of May’s WTI oil futures did not change and remained at the lowest level since February 2002 - $19.87 per barrel.

At the last Sunday meeting the OPEC+ countries agreed on oil production cuts and call on the key oil producers outside the Alliance to provide a proportionate and timely contribution to the efforts aimed at stabilizing the oil market. So, between May and June the decline in oil production by OPEC+ countries will be 9.7 million b/d (by 23%), from July to the end of 2020 - 7.7 million b/d (by 18%), then, until May 2022 - 5.7 million b/d (by 14%).