Brent rose to $72,39 per barrel
– Oil prices rise, ending the week with a maximum increase since July last year, on fears of escalating conflict in Syria.
Support for the market on Friday was provided by the International energy Agency (IEA) that OPEC is close to the goal of reducing the oversupply of oil on the world market, writes MarketWatch.
The cost of June futures for Brent crude on the London ICE Futures exchange to 17:40 Moscow time has grown on $0,37 (0,51%) – to $72,39 per barrel.
Futures price for WTI crude oil for may on the new York Mercantile exchange (NYMEX) had risen by this time, of $0.18 (0.27 percent) to $67,25 per barrel.
Since the beginning of this week, Brent rose in price by 7%, and WTI – about 8%.
According to the monthly report the International energy Agency (IEA), countries that are not members of OPEC in March performed the transaction OPEC+ reduction of production at 90%, OPEC – 163% thanks to Venezuela and Africa.
In March, OPEC decreased production by 200 thousand b/d – prior 31,83 million b/d, the lowest in three years.
According to the IEA, Venezuela, where the ongoing economic crisis has reduced oil production in March to 1.49 million b/d to 1.55 million b/d. Nigeria and Libya not participating in the agreement, has slightly reduced oil production in March compared to February, from 1.68 million b/d to 1.65 million b/d and from 1.03 million b/d to 0.99 million b/d, respectively.
According to the IEA, oil inventories in OECD countries can be reduced to the five-year average by may. Currently there is a shortage of oil, according to IEA.
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