OREANDA-NEWSThe cost of futures for Brent crude oil for delivery in June 2020 during trading on the ICE in London is growing by 3.24% to $ 34.12 per barrel as of 4:48 Moscow time. The cost of the WTI oil futures is at around $ 27.15 per barrel (+4.1%).

Oil quotes are growing against the backdrop of upcoming OPEC+ ministerial talks in video format. The OPEC+ meeting was to be held on April 6, but was postponed to the 9th. According to Russian media sources, the reason for the transfer was the unpreparedness of the participants for a preliminary consensus on individual volumes of reduction in oil production.

The OPEC+ deal, which was held at the agreement of Russia and Saudi Arabia for three years and allowed to stabilize oil prices at $ 60 per barrel by limiting production, was completed on March 31, 2020. It was not possible to extend it due to the opposing positions of the two largest participants. The termination of the agreement led to a sharp drop in oil prices, which was exacerbated by a reduction in global demand due to the coronavirus pandemic.