Oil prices during trading on the morning of Monday, January 31, are rising and are near the highs in seven years. This follows from the data of the London ICE exchange.
The cost of March contracts for Brent oil by 8:25 Moscow time on Monday is $91.02 per barrel. This figure is higher than the closing price of the previous session. The price of contracts increased by $0.69 and amounted to $90.03 per barrel. At the moment, Brent was trading at around $91.7 per barrel. Such prices were fixed for the first time since October 2014.
The price of futures for WTI oil for March on the electronic trading of the New York Mercantile Exchange (NYMEX) was $87.78 per barrel. This is also higher than Friday’s session value.
The rise in oil prices continues for several weeks. On January 28, the price of Brent oil exceeded $90 per barrel for the first time since 2014.
January 20 Associate Professor of the Russian University of Economics named after. G.V. Plekhanov Denis Domashchenko told Izvestia that the price of Urals oil is growing amid the fact that the general situation on the world market is favorable for this, including due to the fear of Russia imposing a ban on the export of crude oil, but this is unlikely.
On February 2, a meeting of OPEC+ ministers is expected. Participants are expected to decide to continue with the plan to increase oil production by 400,000 b/d each month in March.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
