Brent and WTI Oil Prices Up 3% on the London Exchange
According to the trading platform, the cost of the May futures for Brent crude oil exceeded $ 34 per barrel. At the peak of growth, the price reached $ 34.17 per barrel, which is 2.9% more than the previous close. However, according to the data at 8:35 Moscow time, oil slowed down to $ 33.91 per barrel (+2.1%). The cost of WTI oil futures at the moment reached $ 32.53 per barrel (+3.3%). Now quotes of oil of this grade are at $ 32.3 per barrel (an increase of 2.6%).
At the talks on March 6, the OPEC+ ministers were unable to agree on further parameters of the deal to reduce oil production. OPEC proposed to further reduce production by 1.5 million barrels per day until the end of this year, but Russia did not agree to this. From April, all production restrictions will be lifted. Due to the failure of the transaction, Brent crude at the auction on March 9 at the moment fell by 30%, having fallen in price to $ 31 per barrel.
Oil prices are also falling amid concerns over the spread of coronavirus and its negative impact on the global economy.