Oil prices rise on expectations of the results of the OPEC+ session

Oil quotes in morning trading on Monday are growing. By 8:25 am Moscow time, a Brent Crude barrel rose in rate to $91.20, or 1.1%. A WTI oil barrel rose to $87.78, or 1.11%. Oil prices are rising for the 6th trading session in a row. Countries participating in the OPEC+ regular meeting will take place on Wednesday. Based on its results, a decision will be made on the amount of increase in oil production in March. Most analysts believe that the alliance will not make any changes to the current parameters of the agreement. And it means that in March, the OPEC + countries will increase the raw materials’ production volume by 400,000 barrels per day. Analysts believe that tensions in the oil market will continue shortly. In their opinion, the Brent oil price can quickly rise to $100 per barrel, as the level of $90 has already been reached. Oil prices will be supported by the deterioration of the geopolitical circumstance related to Ukraine.


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Arseny Kudrin

Publicist, trader

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