Brent oil up on decision of several OPEC+ countries

The price of Brent crude futures for delivery in May rose slightly at the beginning of trading on London's ICE after the decision of some OPEC+ countries to extend voluntary oil production cuts into the second quarter, Report informs citing the trading data.

The Brent price rose 0.44% overnight to $83.93 per barrel compared to its close on March 1.

Brent crude futures slowed down to $83.67 (+0.13%) this morning, while WTI crude oil futures for April delivery rose 0.11% to $79.98 per barrel.

On March 3, several OPEC+ countries, including Russia and Saudi Arabia, announced the extension to the second quarter of 2024 of measures for additional voluntary reductions in oil production, which were originally intended for the first quarter. Additional cuts, estimated at 1.7 million barrels per day, will remain in place until the end of June.