Oil prices growing for third week in row

Global oil prices rose slightly for the third week in a row.

On April 7, the stock exchanges in the US and most European countries are closed due to the Easter holidays, Report informs referring to Interfax.

June futures for Brent rose on the London ICE Futures exchange by $0.13 (0.15%) to $85.12 per barrel. May futures for WTI rose by $0.09 (0.1%) on the New York Mercantile Exchange (NYMEX) to $80.7 per barrel.

Following the results of a short week, Brent rose by 6.6%, WTI grew by almost 6.7% following the decision of a number of OPEC+ countries, including Saudi Arabia, to further cut production.

Support for the oil market this week was also provided by data on a decrease in oil inventories in the US last week by 3.74 million barrels, gasoline by 4.12 million barrels, distillates by 3.63 million barrels.

Analysts, on average, expected a more moderate reduction in reserves in all three categories.