Oil keeps rising on optimism around OPEC+ agreement

Starting Monday, global oil prices on Thursday morning continue the rally. According to trading data, traders are optimistic about the OPEC + deal to reduce production and its impact on the oil market, Report states, citing Prime.

The price of April futures for the North Sea oil mixture of Brent rose by 0.14% - to $58.77 per barrel, the price of March futures for WTI increased by 0.65% to $56.05 per barrel. The quotes have been climbing by 5-7% since the beginning of the week, rising to last year's February records.

The main positive factor for the oil rally remains the OPEC + deal and the countries ' efforts to reduce production. In January, Saudi Arabia said it would cut output by 1 million barrels per day in February and March. Some other OPEC+ countries have also agreed to such measures and considering their participation, and the total reduction is 1.425 million barrels of oil per day.

"Most likely, the dynamics of oil in the first two quarters will be positive, and higher prices may lead to a return to the market of more oil from the United States and Iran," Bloomberg quotes the opinion of an energy analyst at DBS Bank Ltd. Suvo Sarkar.

OPEC + ministerial monitoring committee held on Wednesday made no recommendations on the deal. Besides, despite the continuing uncertainty, the prospects for the oil market are seen by the alliance as optimistic.

Investors continue to evaluate the statistics on oil reserves in the United States for the past week. According to the Ministry of Energy's release, commercial oil reserves in the country (excluding the strategic reserve) unexpectedly decreased by 1 million barrels, to 475.7 million barrels over the past week. Analysts expected an increase of 0.4 million.