Oil prices rise ahead of OPEC+ meeting, Brent rose to $65.58 per barrel

10:19 02.03.2021 4089

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 Oil prices are rising on Monday, the market is awaiting new decisions by the OPEC+ countries this week regarding production levels from April 2021, Interfax reports.

 The OPEC+ meeting at the level of ministers of states will be held on March 4.  It will be preceded by a meeting of the OPEC+ technical committee (March 2) and the ministerial monitoring committee (JMMC, March 3), where recommendations for all OPEC+ ministers are usually developed.

 Traders believe that OPEC+ will decide to increase production, but are not sure how much it can be increased.

 «The OPEC+ meeting is very important», - Michael McCarthy, Oil Strategy Manager at CMC Markets Asia Pacific said. - «The market may maintain a positive mood in the event of a moderate increase in OPEC+ production, while a large increase will worsen its prospects for the near future», - Bloomberg quoted the expert's words.

 The cost of May Brent oil futures on the London ICE Futures Exchange by 8:10 Moscow time on Monday amounted to $65.58 per barrel, which is $1.16 (1.8%) higher than the price at the close of the previous session.

 The price of futures for WTI crude oil for April in electronic trading of the New York Mercantile Exchange (NYMEX) by this time amounted to $62.5 per barrel, which is $1 (1.63%) higher than the level at the close of the market on Friday.

 In February, both Brent and WTI gained about 18%.

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