Brent crude price rises above $ 62 per barrel

MOSCOW, February 12 – RIA Novosti. The price of Brent crude rose above $ 62 per barrel for the first time since January 24, 2020, according to trading data.

As of 19.42 Moscow time, the price of April futures for the North Sea oil mixture of Brent rose by 1.85% – to 62.27 dollars per barrel, March futures for WTI – by 1.75%, to 59.26 dollars per barrel. air

From the beginning of February, oil prices rose almost continuously until Wednesday, February 10. On Thursday, the quotes fell, on Friday the decline continued, but by the evening the prices nevertheless came out “plus”.

According to analysts, the optimism may be related to the general market sentiment. “Based on fundamental analysis, it is difficult to present arguments for further price increases, although we see optimism in financial markets in general,” said Hans van Cleef, senior economist at ABN Amro, quoted by Bloomberg.

The main factors of growth in the current month were the actions of OPEC + and hopes for an increase in demand for raw materials. In January, some OPEC + countries agreed to cut production in February-March by a total of 1.425 million barrels of oil per day, of which 1 million comes from Saudi Arabia. In turn, expectations for economic recovery and vaccinations supported forecasts for oil demand.

Author: wedocount

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