Brent price rises to $84.11 per barrel

Oil prices continued to rise on Thursday morning after a significant growth the day before, Report informs via Interfax.

The May futures for Brent on the London ICE Futures exchange amounted to $84.11 per barrel, which is $0.08 (0.1%) higher than the close of the previous session. On Wednesday, these contracts rose by $2.11 (2.6%) to $84.03 per barrel.

The WTI oil futures for April in e-trading on the New York Mercantile Exchange (NYMEX) rose by $0.02 (0.03%) in the morning to $79.74 per barrel. At the end of the last session, these contracts rose in price by $2.16 (2.8%), reaching $79.72 per barrel.

US oil inventories fell last week for the first time in seven weeks, indicating increased demand for fuel, Trading Economics notes.

Besides, factors contributing to the growth of quotations are the persistence of geopolitical tensions in the Middle East, attacks by Ukrainian drones on Russian refineries and the extension of restrictions on oil production by OPEC+ countries, writes MarketWatch.

OPEC+ production cuts will remain one of the key factors supporting oil prices in the second quarter, says Global X Research Director Rohan Reddy. The outlook remains favorable, he said, as the continued recovery of the US economy, coupled with recent pickup in demand from Chinese refineries, has helped anchor strong growth.

Commercial oil reserves in the United States fell by 1.54 million barrels last week, according to the weekly report of the country's Department of Energy. This came as a surprise to experts, who on average expected an increase of 1 million barrels.