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The rise in prices is driven by expectations that efforts by OPEC member states and other oil producers to curb production will reduce global black gold reserves, writes Dow Jones.
The April price of Brent oil on ICE futures on the London Stock Exchange stood at $ 57.67 a barrel on Wednesday morning at $ 0.21, or 0.37 percent. higher than at the end of the previous trading session. On February 2, those deals rose $ 1.11, or 2 percent, to $ 57.46 a barrel.
Meanwhile, the price of WTI-type oil futures on the New York Mercantile Exchange (NYMEX) rose 0.18 dollars, or 0.33 percent, in March to 54.94 dollars a barrel since the trading session. previous. These deals rose $ 1.21, or 2.3 percent, to $ 54.76 a barrel on Tuesday.
The ministers of the OPEC + Monitoring Committee (JMMC) will hold a meeting on Wednesday to discuss market conditions and the implementation of the agreements.
The previous day, the technical committee declared that the OPEC + agreement had been 99 percent implemented in December: 103 percent of OPEC parties had complied with the agreement, compared to 93 percent of parties. not OPEC.
The committee meets every month.
Fees for February and March were decided at the January meeting immediately for a period of two months.
According to the decision of OPEC +, all OPEC + countries will maintain their production level in January, Russia can increase oil production by 65 thousand, Kazakhstan – by 10 thousand. barrels per day. These countries will be able to increase production by the same amount in March.
The oil market is also supported by data from the American Petroleum Institute (API).
According to an API report, US oil reserves fell 4.26 million in the week ending January 29. barrels, having previously fallen by 5.27 million. barrels.
The fall in inventories was recorded for the second consecutive week.
Analysts had expected an average increase in inventories of 0.37 million. barrels, writes Trading Economics.
Meanwhile, according to API, gasoline stocks in the country decreased by 240 thousand, distillates, by 1.62 million. barrels.
The oil reserves of the Cushing terminal decreased by 1,885 million. barrels.
The US Department of Energy will release a weekly report on the nation’s oil, gasoline and distillate reserves on Wednesday.
Rising oil prices are also driven by improving investor sentiment as the market responds to news of the coronavirus vaccination campaign in the United States in recent weeks and the administration’s efforts. from US President Joe Biden to adopt new stimulus measures, experts say.
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