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Oil price keeps on growing, and Brent is at $67.85 a barrel

05.03.2021,11:37

March 5, Fineko/abc.az. Oil prices continue to rise in Friday’s trading after the OPEC+ decision.

The OPEC+ ministers declined to increase oil production in April by 500,000 b/d, and Saudi Arabia extended its own voluntary limits of 1 million b/d for another month.

By 11:23 am, in the trading at the London ICE Futures Exchange the price of May’s Brent crude oil futures grew by $1.11 (1.66%) up to $67.85 per barrel. At the end of trading on 4 March the Brent futures for May increased in price by $2.67 (4.17%) up to $66.74 per barrel.

By 11:23 am, at the New York Mercantile Exchange (NYMEX) the price of April’s WTI oil futures increased by $0.95 (1.49%) up to $64.78 per barrel. At the end of trading on 4 March the WTI futures for April grew by $2.55 (4.16%) up to $63.83 per barrel.

"The OPEC+ decision shows that countries are very cautious about the demand outlook," analyst Wood Mackenzie said.

Mackenzie forecasts a rise in the price of Brent in April up to $70-$75 per barrel.