Brent Oil Price Grew above 29 Dollars
OREANDA-NEWS. The price of Brent crude oil futures for July delivery rose by 6.8 %, to 29.04 US dollars per barrel. This is evidenced by the data of the London Intercontinental Exchange at 6:46 UTC on May 5. As of 7:05, a barrel of oil of this brand has grown to 29.13 dollars, but at 7:17 its price dropped to 28.99 dollars. The last time when Brent was above 29 dollars was April 14.
WTI crude oil grew by 8.3 %, to 24.67 dollars per barrel.
Oil prices on world markets began to rise on the morning of May 1, against the backdrop of the entry into force of a new OPEC+ agreement to reduce production. Oil extraction was reduced by almost 10 million barrels per day.
In late April, OPEC predicted an oil price increase of up to 40 dollars. The organization expects this figure to be reached in the middle of 2020.