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The price of a barrel of North Sea Brent crude exceeded $ 55 per barrel during trading, breaking the February 2020 record.
On January 8, the price of Brent crude surpassed $ 55 a barrel. This is evidenced by the data on the investing.com site.
This is the highest figure since February 25, 2020.
March futures for Brent crude on the London Stock Exchange are trading today at $ 54.35-55.36 a barrel.
WTI crude futures also rose. On the New York Mercantile Exchange, WTI crude oil futures for February 2021 delivery are trading at $ 51.49 a barrel, an increase of 1.30%, notes investing.com.
On January 4, the price of Brent crude surpassed $ 53 a barrel. According to information Reuters, this is the highest oil price of this brand since March 2020. It bounced back from expectations that OPEC and related manufacturers could limit production to current levels in February due to the coronavirus pandemic.
According to analyst Helim Crof, OPEC + will refrain from increasing oil production in February as the incidence of COVID-19 continues to rise and vaccines are introduced more slowly than expected.
After the collapse of the oil deal between OPEC + and Russia in March 2020, oil prices plummeted 30%. – up to $ 33 a barrel, which was the highest daily drop since 1991, when the Gulf War began. On March 30, the price of Brent fell below $ 23 a barrel.
On April 10, the OPEC + countries announced a decrease in oil production, but due to A record drop in demand for raw materials due to the coronavirus pandemic and the resulting industry shutdown, oil prices continued to fall. So, on April 20, the May futures price for the American WTI for the first time in history turned negative – the prices fell to minus $ 40 per barrel.
Oil prices returned to the level prior to the record fall on April 30, on the eve of the entry into force of the OPEC + agreement on a record reduction in oil production. In mid-May, OPEC announced that the oil crisis was over. In early June, when the countries OPEC + agreed With a further reduction in oil production, the price of North Sea Brent oil rose to $ 42.8 per barrel, the US WTI to $ 39.86.
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