Brent oil rises to $89.6 per barrel

Oil prices continued to rise on Thursday morning, as investors assessed the results of the OPEC+ monitoring committee meeting and statistical data from the US Energy Department, Report informs via Interfax.

The cost of June futures for Brent oil on the London ICE Futures exchange amounted to $89.58 per barrel, $0.23 (0.26%) higher than the previous close.

On Wednesday, these contracts rose by $0.43 (0.5%) to $89.35 per barrel.

WTI futures for May in e-trading on the New York Mercantile Exchange (NYMEX) rose in price by $0.21 (0.25%) to $85.64 per barrel. According to the results of previous trading, the cost of these contracts increased by $0.28 (0.3%), to $85.43 per barrel.

Both brands recently updated their highs since October 27 last year.

The ministers of the OPEC+ monitoring committee, co-chaired by Russia and Saudi Arabia, at a meeting on Wednesday, did not give the alliance recommendations on changing the current oil production policy, according to an OPEC press release.

The organization's statement stressed that the committee will continue to carefully assess the market situation and is ready to respond to its development by taking additional measures at any time, "building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries."