Oil continues rising in cost amid OPEC+ decision, and Brent has grown up to $68.32 a barrel


March 5, Fineko/abc.az. Oil prices continue growing on Friday amid the OPEC+ decisions.

The price of May’s Brent crude oil futures at the London ICE Futures Exchange by 17:23 am on Friday is $68.32 per barrel, which is $1.58 (2.37%) higher than the closing price of the previous session. At the end of trading on 4 March these contracts rose by $2.67 (4.2%) up to $66.74 per barrel, the highest since 25 February.

The price of WTI crude oil futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) by 17:23 is $65.18 per barrel, which is $1.35 (2.12%) higher than the level at the close of the market on Thursday. At the end of the previous session, these contracts rose by $2.55 (4.2%) to $63.83 per barrel.

The ministers of the OPEC+ countries unexpectedly refused to increase oil production in April by 500,000 b/d. Saudi Arabia has extended its own voluntary limits of 1 million b/d for another month, promising to return these volumes to the market when considers it necessary. Russia and Kazakhstan have again received an exception to the rules and can increase production from April.

"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.