Brent Rose to $62.98 a Barrel in Anticipation of the OPEC+ Meeting
OREANDA-NEWS. Oil prices of benchmark brands are rising in price at Asian trading on Wednesday, March 3, investor's attention is focused on the upcoming meeting of OPEC+ ministers. By 8:20 Moscow time, Brent futures of May were rising in price on the London ICE Futures exchange by $0.28 (0.45%), to $62.98 per barrel. During the previous session, the contract fell by $0.99 (1.6%), to $62.7 per barrel — the lowest level since February 12, according to Dow Jones Market Data.
April futures for WTI by this time rose in price on electronic trading on the New York Mercantile Exchange (NYMEX) by $0.2 (0.33%), to $59.95 per barrel. On Tuesday, WTI fell by $0.89 (1.5%), to $59.75 per barrel — the lowest since February 19.
Since the end of last week, both brands have been declining in price, and traders are trying to benefit from low oil prices after a prolonged sell-off, writes «S&P Global Platts». At the same time, the markets are affected by the uncertainty around the upcoming OPEC+ meeting, which, according to analysts, can lead to unpredictable price fluctuations.
The OPEC+ Ministerial Monitoring Committee (JMMC) on Wednesday will discuss the option of increasing oil production by 0.5 million barrels per day from April, taking into account the fact, that since April, the voluntary limit of 1 million b/d assumed by Saudi Arabia for February-March will also end.