Brent trading at $72.16 per barrel

Oil prices are rising on March 21, Report informs referring to Interfax.

Quotes are supported by expectations of supply reduction, which strengthened after the US expanded sanctions against the Iranian oil sector, as well as the publication of plans to compensate for excess production in OPEC+ countries.

The cost of May futures for Brent on the London ICE Futures exchange as of 09:05 Baku time is $72.16 per barrel, which is $0.16 (0.22%) higher than at the close of the previous trades.

The day before, these contracts rose in price by $1.22 (1.72%), to $72 per barrel. Futures for WTI oil for May on electronic trading on the New York Mercantile Exchange (NYMEX) have increased in price by this time by $0.19 (0.28%), to $68.26 per barrel.

Following the results of the previous session, they rose in price by $1.16 (1.73%), to $68.07 per barrel.

April contracts, the maturity of which expired the day before, rose in price by $1.1 (1.64%), to $68.26.

Since the beginning of the week, the cost of contracts for both grades of oil has grown by more than 2%.