Oil prices are rising after falling the day before

As of 07:40 Moscow time, a Brent Crude barrel rose to $88.56 or 0.44% from Thursday’s closing price. The cost of a WTI oil barrel rose 0.58% to $87.11. On the eve of, oil’s quotes fell by about 0.8% against the background of the dollar strengthening. Investors are waiting for the results of the next meeting of the OPEC + agreement participating countries. It will take place on February 2nd. Experts agree that the alliance will not make any changes to the deal parameters. In March, oil production will be increased by 400,000 b/d. According to experts, the oil market will still be in deficit in the current quarter. Any unplanned interruptions in the supply of raw materials may have an impact on the market. It will be difficult to cope with the problems that have arisen since the spare capacity amount has been sharply reduced. Investors are waiting for the release of weekly data from Baker Hughes for the change in the number of active drilling platforms in the United States. They will be posted on Friday evening.


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Arseny Kudrin

Publicist, trader

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