Oil value grows, and Brent is at $62.90 a barrel


March 3, Fineko/abc.az. Prices for oil of standard grades are rising in Wednesday’s trading, despite data from the American Petroleum Institute (API) released on Tuesday night, showing an increase in U.S. inventories last week.

By 9:33 am, in the trading at the London ICE Futures Exchange the price of May’s Brent crude oil futures grew by $0.20 (0.32%) up to $62.90 per barrel. At the end of trading on 2 March the Brent futures for May fell in price by $0.99 (1.55%) to $62.70 per barrel.

By 9:33 am, at the New York Mercantile Exchange (NYMEX) the price of April’s WTI crude oil futures increased by $0.09 (0.15%) up to $59.84 per barrel. At the end of trading on 2 March the WTI futures for April fell by $0.89 (1.47%) to $59.75 per barrel.

According to API’s report, last week U.S. inventories grew by 7.36 million barrels after rising by 1.03 million a week earlier.

The official report on energy reserves in the U.S. will be released on Wednesday by the U.S. Department of Energy.

Also, on Wednesday, the OPEC+ Ministerial Monitoring Committee (JMMC) will discuss an option of increasing oil production by 500,000 b/d by the countries participating in the agreement from April, taking into account the fact that since April the voluntary limit of 1 million b/d undertaken by Saudi Arabia for Feb-Mar also ends.