Oil prices rose more than 1 percent on Thursday ahead of the OPEC meeting and partners during which Saudi Arabia will try to convince a group to approve an additional reduction of oil production to support the market.
This is evidenced by exchange trading on the website Investing.com according to the UKRINFORM.
May futures for Brent crude on London’s ICE Futures exchange rose $0.72 to (1,41%) — to $51,85 per barrel. On Wednesday the price declined to $0,73 (1,41%) to closing $51,13 per barrel.
Futures for WTI for April in electronic trading on the new York Mercantile exchange (NYMEX) rose by $0.58 to (1,24%) — to $47,36 per barrel. At the end of the previous session, the price dropped $0.4 (0,85%), finished the day at $46,78 per barrel.
Prices were also supported by lower-than-expected growth of commercial stocks of crude oil in the United States that partially removed the concerns about oversupply in the world’s largest oil consumer — China.
Commercial crude oil inventories in the U.S. last week rose by 0,785 million barrels. with the forecast increase of 2,644 million barrels. This is according to the energy information Administration (EIA).
“Crude oil rose due to the expansion of the positive attitude, and a much lower than expected… data on reserves of crude oil (in the US). The market also expects OPEC+ noticeable reduction in production, as Covid-19 had a significant impact on world energy demand. To maintain the price of crude oil should further limit its production,” said Margaret young, market analyst at CMC Markets.
Official meeting of OPEC Ministers will be held later on Thursday, while on Friday there will be a meeting of OPEC+.
The meeting of the monitoring Committee of OPEC+ Wednesday failed agreement because Russia opposes additional cuts in oil production, reported a source in the oil cartel.
As of 09:15 Moscow time the price of Brent oil is set at, while 51.58 per barrel. At the opening of Brent was trading at of 51.61 dollars per barrel, or 48 cents above the closing level ($51,13).