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Price of Brent oil rose to $29.63 per barrel

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The price of Brent oil shows a moderate increase in Friday’s trading on the ICE exchange. A new deal to reduce production takes effect on May 1

According to data at 14: 49 (Moscow time), the price of the July futures was $29.63 per barrel, which is $0.17 more compared to the closing of previous trades. The price of the June WTI oil futures, according to trading data on the NYMEX exchange, by 14:49 (Moscow time) increased by $0.24 and amounted to $23.78 per barrel.

Earlier, on may 6, details of the European Commission’s economic forecast for the average price of Brent oil in 2020 became known. According to the document, the cost of its barrel will be at the level of $38, and in 2021 it will be $40.

Oil prices on world markets moved to growth on the morning of Friday, may 1, amid the entry into force of a new OPEC+ agreement to reduce the level of production of raw materials. Production is reduced by almost 10 million barrels per day.

At the end of April, OPEC predicted an increase in prices to $40. This level of cost in the organization is expected by the middle of 2020.

Global Gist Nigeria

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