Oil prices rising in anticipation of decrease in production

Global oil prices have been growing moderately since the beginning of the month on expectations of a decrease in production by some OPEC+ countries, led by Saudi Arabia, Report informs.

As of 8:28 (GMT+4), the price of April futures for North Sea Brent crude oil blend grew by 0.41 percent, to $59.24 per barrel, the cost of March futures for WTI oil - by 0.76 percent, to $56.66 per barrel. Since the beginning of the week, these prices have risen by 6 percent and 9 percent, respectively, and reached records for almost a year.

According to the January OPEC+ agreements, several countries agreed to cut production by a total of 1.425 million barrels of oil per day, of which 1 million falls on Saudi Arabia.