Brent crude oil price stabilizes at $72.06 per barrel

Oil prices stabilized during Friday trading following yesterday's OPEC+ ministerial meeting, which decided to further postpone production increases.

According to Report, citing Interfax, the price of February Brent crude futures on London's ICE Futures exchange was $72.06 per barrel.

This is $0.03 (0.04%) lower than the previous trading session's close.

WTI crude futures for January on the New York Mercantile Exchange (NYMEX) electronic trading increased by $0.01 (0.01%) to $68.31 per barrel.

OPEC+ countries yesterday decided to extend voluntary oil production cuts of 2.2 million barrels per day until April 2025. The compensation period for under-reduced oil production volumes for debtor countries in OPEC+ has been extended until the end of June 2026. The debtor countries include Iraq, Kazakhstan, and Russia.