Oil prices rise, Brent passes $40 a barrel


June 3, Fineko/abc.az. Oil prices are rising on Wednesday, with the price of Brent crude exceeding the level of $40 a barrel for the first time almost for three months on the news that the OPEC+ countries may agree to extend production restrictions.

By 9:40 am, at the London ICE Futures Exchange the Brent crude futures for August rose in price by $0.62 (1.57%) up to $40.19 a barrel.

Following the trading on 2 June the price of Brent oil contracts for August grew by $1.25 (3.26%) up to $39.57 a barrel.

By 9:40 am, at the new York Mercantile Exchange (NYMEX) the WTI futures for July rose by $0.97 (2.64%) up to $37.78 a barrel.

At the end of trading on 2 June at the NYMEX the price of July’s WTI futures rose by $1.37 (3.87%) up to $36.81 a barrel.

The OPEC+ countries are close to an agreement to extend the oil production restrictions in effect in May for another two months. According to the Bloomberg report, some members of the organization are in favor of extending the production cut by a month.

In addition, OPEC has proposed to postpone the meeting of OPEC and OPEC+ ministers from June 9-10 to June 4-5, so that OPEC countries could determine the supply nominations for July.