Brent Oil Exceeds $ 40 per Barrel

Baku/03.06.20/ Turan: Reference oil prices rose yesterday on reports that producing countries led by Russia and Saudi Arabia could extend the current level of production cuts until September 1.

The OPEC + ministerial meeting will be rescheduled for June 4 from June 9, The Wall Street Journal reported citing sources.

On Wednesday night, on the ICE exchange in London, the cost of futures for Brent crude oil for delivery in August 2020 increased by 1.31 percent and amounted to $ 40.09 per barrel. The last time oil of this grade was worth more than $ 40 per barrel on March 6.

After some time, this grade of oil was already trading at $ 40.37 per barrel, but then it slowed down, TASS reports.

In turn, the price of WTI crude oil increased by 2.66 percent and traded at $ 37.57 per barrel.

 "Expectations that the OPEC + countries will reduce the current level of production decline following the meeting this week support prices," say S&P Global Platts analysts.

According to experts, if the current level of reductions is maintained for another two months or more, "oil prices can increase growth, and Brent - up to $ 45 per barrel." –0-

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