11:11 - 2.02.2021

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February 2, Fineko/abc.az. Oil prices are growing in Tuesday’s trading amid the news about decline in the oil production by some OPEC+ countries since February.

Saudi Arabia and a range of the OPEC+ countries will cut the oil production by 1.425 million bpd from February that is about 1.5% of the global oil demand. According to Bloomberg, the implementation of the OPEC+ deal in January made up 99%.

By 9:25 am, in the trading at the London ICE Futures Exchange the price of April’s Brent crude oil futures increased by $0.56 (0.99%) up to $56.91 per barrel. At the end of trading on 1 February the Brent futures for April rose in price by $1.31 (2.38%) up to $56.35 per barrel.

By 9:25 am, at the New York Mercantile Exchange (NYMEX) the March’s WTI oil futures grew in price by $0.57 (1.06%) up to $54.12 per barrel. At the end of trading on 1 February the WTI futures for March rose by $1.35 (2.59%) up to $53.55 per barrel.